REPEAT: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]