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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 trade surplus widened more than expected in August to $9.64bn from a downwardly-revised $7.32bn. The move was driven by strong export growth of 4% m/m while imports fell 0.4%. The trade surplus remains elevated but has been trending lower over Q2 and Q3 with exports now down 2% y/y. Strong commodity exports have helped to boost federal government revenues.
Australia trade balance $mn
Source: MNI - Market News/Refinitiv
- Both goods and services exports were robust rising 4.5% m/m and 1.5% m/m respectively. The strength in merchandise is deceptive as it was driven by a 96.7% increase in non-monetary gold, rural fell 2.6% and non-rural rose only 0.5% with weakness in coal shipments weighing on the total. Tourism exports rose 2% m/m.
- Imports are now down 3.1% y/y and goods are -6.7% y/y, in line with softer domestic demand. While merchandise imports fell 1% m/m in August, services rose 1.6%. Consumer goods rose 1.7% m/m, due to a 3.4% rise in non-industrial transport, but are down 3.1% y/y. Capital goods fell 11.8% m/m with the weakness broad based but a 82.3% drop in the volatile aircraft component particularly weighed. Machinery & equipment fell 0.9%. Tourism imports rose 3.9%, outpacing exports.
- From the September trade release, the ABS will no longer publish monthly services statistics.
Australia retail sales vs consumer goods imports 3m/3m ave ann%
Source: MNI - Market News/ABS/Refinitiv
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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