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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.
AUSTRALIA DATA
The Australian trade surplus for October narrowed slightly to A$12217mn from A$12444mn the previous month but remained elevated. Exports of goods & services fell 0.9% and imports -0.7%, which was softer than expected, but are up 38.4% y/y and 43.8% y/y respectively, which may be close to the peak.
- Exports to China continue to recover rising 33.4% y/y in October after 17.2% last month (the data is nsa). Exports to other major destinations remain strong, especially to Japan +85% y/y. (see chart below)
- The weakness in imports was driven by fuel and lubricants which fell 7.1% m/m. Consumer goods imports rose 1.2% m/m driven by vehicles +16.9% as supply-chain issues ease. Tourism imports posted another solid rise up 1.5%, as people travel abroad post Covid. Capital goods were down 1.7% due to a sharp drop in the other component but machinery & equipment rose 3.7%, which is positive for the investment outlook.
- The fall in exports was driven by a 20.5% drop in non-monetary gold (overall exports to India were down 37.8% y/y). But rural exports rose 1.7% whereas non-rural fell 0.5% driven by metal ores & minerals down 2%. Services exports rose 0.4% despite a 0.3% drop in the tourism component.
Trade in goods & services y/y%
Source: MNI - Market News/Refinitiv/ABS
Australian exports to Asia y/y%
Source: MNI - Market News/ABS
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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