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REPEAT:MNI ANALYSIS:Australia Q2 Trade To Solidly Add to GDP 

Repeats Story Initially Transmitted at 01:51 GMT Aug 2/21:51 EST Aug 1
--June Trade Surplus Biggest Since May 2017
--LNG Exports Shine in June
By Sophia Rodrigues
     SYDNEY (MNI) - Australia's trade balance recorded the biggest surplus since
May last year as exports rose 3% on-month and imports fell 1%, thus pointing to
solid contribution from net exports to Q2 GDP.
     Data published by the Australian Bureau of Statistics Thursday showed the
trade balance recorded a surplus of A$1.87 billion in June, more than twice MNI
median forecast for a surplus of A$800 million. The surplus was the biggest
since A$2.17 surplus in May last year.
     The outcome followed a small downward revision to May surplus but also a
small upward revision in April surplus. Taking revisions in to account, the
total surplus in Q2 was A$3.19 billion, very close to A$3.36 billion in Q1. 
     In June, exports rose 3% m/m due to 2%, or A$542 million, rise in non-rural
goods. Metal ores and minerals export rose 1%, other manufactures rose 6% and
other non-rural goods rose 15%. Rural goods exports rose 5% or A$181 million.
     Imports fell 1% m/m mainly due to a 4%, or A$400 million, drop in
intermediate goods and a 15%, or A$112 million, decline in non-monetary gold,
partly offset by a 5%, or A$313 million, rise in capital goods import.
     In original terms, exports rose for five of the six key commodities, with
LNG an outperformer in June. LNG exports rose 14% or A$414 million as quantities
rose 15% but unit values fell 1%.
     Thermal coal exports also performed well, rising A$226 million or 12%,
owing to a 12% rise in quantities.
     Iron ore fines, on the other hand, fell 3% or A$117 million because of a 2%
decline in quantities.
     Below is table on international trade data for June:
                                         June                              May
------------------------------------------------------------------------------
                                      (in A$)                          (in A$)
                          Seasonally Adjusted              Seasonally Adjusted
Trade Balance                       +1.87 bln  +725 mln(revised from +827 mln)
MNI Median     +800 mln (Range +175 to +1300)
Exports                             36.44 bln                        35.53 bln
Imports                                 34.57                        34.80 bln
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE]
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