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Exports To China Strengthen But Still Weak To Most Of Asia

AUSTRALIA DATA
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Merchandise exports rose 4.5% m/m in August driven by a 96.7% increase in non-monetary gold shipments while rural fell 2.6% and non-rural rose only 0.5%. Exports to China remain robust but continue to be weak to other major Asian trading partners.

  • Exports to China rose 22.4% y/y after rising 12.9% in July. This is good news given that last year it accounted for around 29% of total exports and around 7% of GDP. However, shipments to Japan, Australia’s second largest destination, are down 38.6% y/y after -26.9%. To Korea, the third largest, they fell 42.5% y/y from -40%. Shipments to Taiwan, Singapore and Malaysia were all weak while they were stronger to India and Indonesia.
Australia merchandise exports by country y/y%

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Merchandise exports rose 4.5% m/m in August driven by a 96.7% increase in non-monetary gold shipments while rural fell 2.6% and non-rural rose only 0.5%. Exports to China remain robust but continue to be weak to other major Asian trading partners.

  • Exports to China rose 22.4% y/y after rising 12.9% in July. This is good news given that last year it accounted for around 29% of total exports and around 7% of GDP. However, shipments to Japan, Australia’s second largest destination, are down 38.6% y/y after -26.9%. To Korea, the third largest, they fell 42.5% y/y from -40%. Shipments to Taiwan, Singapore and Malaysia were all weak while they were stronger to India and Indonesia.
Australia merchandise exports by country y/y%

Keep reading...Show less