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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 Q4 current account surplus was a lot higher than expected at $14.1bn an increase from the upwardly revised $0.8bn the previous quarter, as the trade surplus widened and the net primary income deficit declined. Higher commodity prices boosted mining export values.
- The trade surplus widened to $40.9bn from $31.5bn in Q3 and is expected to contribute 1.1pp to Q4 GDP published tomorrow, slightly less than the 1.3pp forecast.
- Goods and services exports boomed rising 3% q/q and30.2% y/y. Goods rose 1.9% q/q and 27.4% y/y and services 11.4% and 53.6% as the country continued to see the post-pandemic increase in tourists and students.
- Imports of goods and services fell 3.1% q/q to be up a 26.4% y/y. Goods imports fell 2.2% q/q due to a fall in both prices and volumes of fuel and lubricants after reaching a record level in Q3 2022. Consumer goods imports fell 0.7% q/q but are still up 22.5% y/y. Easing global shipping costs saw freight prices stabilise according to the ABS. Services imports fell 6.7% q/q to be up 61.4% y/y, reflecting the recovery in Australians travelling abroad.
Australia current account A$bn
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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