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AUSTRALIA DATA: Surplus Widens But Trend Export Growth Weak

AUSTRALIA DATA
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The November merchandise trade surplus widened sharply to $7.08bn from $5.67bn as export growth outpaced imports. Through the volatility though goods exports remain soft and imports consistent with lacklustre domestic demand.

  • Goods exports rose 4.8% m/m to be still down 5% y/y after -10.1% y/y in October. Both rural and non-rural shipments rose on the month up 18.1% and 2.1% respectively.
  • The strength in rural was driven by the “other” component but all major categories were higher in November. All major non-rural commodities increased on the month except metals, helped by higher iron ore, coal and LNG prices.
  • Merchandise imports increased 1.7% m/m driven by fuels & lubricants boosted by higher prices. Imports are now up 6.2% y/y after declining 3.3% in October.
  • After declining the previous three months, capex good imports rose 3.3% m/m to be up 0.8% y/y, with all major categories ex aircraft rising, but consumer goods remain the strongest at +15.8% y/y despite a 0.5% m/m fall in November due to vehicles. 

Australia merchandise trade balance A$mn

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The November merchandise trade surplus widened sharply to $7.08bn from $5.67bn as export growth outpaced imports. Through the volatility though goods exports remain soft and imports consistent with lacklustre domestic demand.

  • Goods exports rose 4.8% m/m to be still down 5% y/y after -10.1% y/y in October. Both rural and non-rural shipments rose on the month up 18.1% and 2.1% respectively.
  • The strength in rural was driven by the “other” component but all major categories were higher in November. All major non-rural commodities increased on the month except metals, helped by higher iron ore, coal and LNG prices.
  • Merchandise imports increased 1.7% m/m driven by fuels & lubricants boosted by higher prices. Imports are now up 6.2% y/y after declining 3.3% in October.
  • After declining the previous three months, capex good imports rose 3.3% m/m to be up 0.8% y/y, with all major categories ex aircraft rising, but consumer goods remain the strongest at +15.8% y/y despite a 0.5% m/m fall in November due to vehicles. 

Australia merchandise trade balance A$mn

Keep reading...Show less