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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 Q3 current account posted a deficit of $0.2bn compared to a surplus of $3.2bn that was forecast. This sharp narrowing from the $7.8bn surplus in Q2 was driven by the impact of lower commodity prices on the trade balance. The terms of trade deteriorated 2.6%. The net export share of GDP was also worse than expected at -0.6% after +0.8% in Q2.
- The trade balance narrowed $8bn to $22.8bn with both goods and services narrowing. Exports fell 2.1% q/q and -4.8% y/y and imports rose 3.3% and +0.1%, due to higher fuel prices and capex goods. Goods exports fell 3.1% q/q to be down 11% y/y due to key mining goods (especially coal) but services rose 2.7% q/q and 41.7% y/y as overseas student numbers reached a new record high.
- The ABS reports that prices of goods exports fell 1.9% q/q and -13.3% y/y, the fifth straight quarterly drop, due to coal and agricultural products.
- A slightly narrowed primary income deficit also contributed to the shift in the current account. Lower dividends from ASX listed mining companies weighed on the total.
Australia current account A$bn
Source: MNI - Market News/ABS
Australia terms of trade
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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