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Free AccessREPEAT:MNI Data:Australia Q1 Trade Points to Strong New Export
Repeats Story Initially Transmitted at 01:50 GMT May 3/21:50 EST May 2
--Sharp Turnaround in Trade Surplus in Q1 From Deficit in Q4
By Sophia Rodrigues
SYDNEY (MNI) - Australia's trade balance recorded a surplus in each of the
three months in the first quarter, marking a sharp turnaround from a deficit the
quarter before and pointing to strong net export contribution to GDP in Q1.
Data published by the Australian Bureau of Statistics Thursday show the
trade balance recorded a surplus of A$1.53 billion in March which followed a
significant upward revision in February surplus to A$1.35 billion (from A$825
million), and also a upward revision in January surplus to A$1.16 billion (from
A$952 million).
The latest outcome exceeded MNI median forecast for a surplus of A$1.0
billion.
The total surplus in Q1 was A$4.0 billion compared with a deficit of A$1.3
billion in Q4 of 2017. In balance of payments terms, the surplus was A$4.0
billion, compared with a deficit of A$1.0 billion in Q4.
In March, exports rose 1% m/m and imports also rose 1%. Exports rose mainly
due to a 2% rise in non-rural goods which included machinery, other
manufacturers and other mineral fuels.
Imports grew 1% due to a 4% rise in intermediate goods which offset a 2%
fall in consumption goods.
In original terms, exports rose for all the six key commodities, a sharp
rebound from a fall in five commodities in February. The rise in exports were
due largely to rise in quantities.
LNG exports rebounded from a fall in the January and February, to be up 3%
mainly due to a 3% rise in unit values.
Below is table on international trade data for March:
March February
---------------------------------------------------------------------
(in A$) (in A$)
Seasonally Adjusted Seasonally Adjusted
Trade Balance +1.53 bln +1.34 bln (revised from +825 mln)
MNI Median +1.0 bln
Exports 34.84 bln 34.35 bln
Imports 33.31 bln 33.00 bln
--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com
[TOPICS: MTABLE]
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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.