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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
Australia saw strong goods exports to China from Q4 2022 through 2023 but they weakened over Q1 this year. In March they fell 14.5% y/y after falling 2.5% y/y and rising 12.3% y/y in December. Softer commodity prices have weighed on exports with growth to much of Asia weak. Shipments to the US have been strong though rising 8.8% y/y in March.
- March merchandise exports fell 11.4% y/y in March with shipments to Japan (-24.6% y/y), Singapore (-12.5% y/y), Taiwan (-22.2% y/y) and India (-34% y/y) underperforming this as well as China mentioned above. Korea saw some improvement to -2.1% y/y and NZ to +6.2% y/y.
- In terms of Australia’s main commodities, there was an increase in export volumes of iron ore, semi-soft & thermal coal and LNG in March. Prices were lower for iron ore (around -13%, hard-coking & semi-soft coal (-18.4% & -2.7%) and LNG (--6.0%). Only thermal coal saw a rise in unit values but that was after falling sharply in February.
- The pick up in iron ore volumes was driven by China and Korea while to Japan they fell. Quantities of thermal coal to China, Taiwan and Korea rose but fell to Japan, while hard coking coal saw declines across Asian destinations.
Australia merchandise 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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