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Exports To Asia Broadly Soft

AUSTRALIA DATA
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Exports to most of Asia remain weak compared to a year ago pressured by lower commodity prices but also softer volumes. Exports to the US, UK and NZ continue to hold up. With over a third of Australian merchandise exports going to China, current weakness will be concerning and soft demand remains a significant uncertainty that the RBA is monitoring closely.

  • Exports to China fell 3% y/y in April, the fourth straight month of contraction. Japan is Australia’s second largest destination worth around 15% of total exports and shipments fell 16.9% y/y, the 13th consecutive decline. Korea is the third largest and exports fell 9.4% y/y. Shipments to Taiwan fell 23.7% y/y and to India 28.5% y/y. But they were up 5.1% y/y to the US and 3.3% to NZ.
Australia exports to Asia y/y%

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Exports to most of Asia remain weak compared to a year ago pressured by lower commodity prices but also softer volumes. Exports to the US, UK and NZ continue to hold up. With over a third of Australian merchandise exports going to China, current weakness will be concerning and soft demand remains a significant uncertainty that the RBA is monitoring closely.

  • Exports to China fell 3% y/y in April, the fourth straight month of contraction. Japan is Australia’s second largest destination worth around 15% of total exports and shipments fell 16.9% y/y, the 13th consecutive decline. Korea is the third largest and exports fell 9.4% y/y. Shipments to Taiwan fell 23.7% y/y and to India 28.5% y/y. But they were up 5.1% y/y to the US and 3.3% to NZ.
Australia exports to Asia y/y%

Keep reading...Show less