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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
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Exports To Asia Broadly Soft
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.
Source: MNI - Market News/ABS
- Exports of Australia’s major commodities were weak with metal ores & minerals down 4.3% m/m, coal -4% m/m and other mineral fuels -4.9% m/m.
- The value and volume of iron ore exports fell in April after a large rise in the latter in March but prices have now fallen for three straight months. The weakness in quantities shipped was due to China.
- Semi-soft and thermal coal volumes both fell in April due to Japan and China but hard coking rose driven by demand from Indonesia and Taiwan. The last monthly rise in unit values for thermal & hard coking was in November 2023.
- LNG export volumes fell 2.7% m/m after a similar rise in March while prices fell for the third consecutive month.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.