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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 unexpectedly widened to $11.32bn in June from a downwardly revised $10.5bn. Both exports and imports contracted on the month but exports less so. The series are nominal and so impacted by global commodity prices.
- Exports fell 1.7% m/m after rising a downwardly revised 3.2% in May. This has left export growth down 10.8% y/y due to negative base effects which should unwind in July. The monthly weakness was driven by other mineral fuels (-8.9% m/m). Services exports rose for the 20th straight month (+2.1%) and are 48.7% higher than a year ago with tourism rising 2.9% m/m in June. Merchandise exports fell 17.2% y/y.
- Both rural and non-rural shipments fell on the month. Coal fell 6.5% m/m but metal ores rose 2.3%.
- Imports fell 3.9% m/m after an upwardly revised 3.5% in May, due to non-industrial transport (-32.6%), and they are now up only 0.3% y/y. Services imports rose 2.4% m/m to be up 13% y/y down from 20.5%. Tourism rose 10.2% m/m. Merchandise imports fell 2.6% y/y.
- Imports of consumer goods fell 12.4% m/m (vehicles -32.6%), capital goods -1.1% and intermediate -3.4%. Machinery & equipment fell again by 7.1% m/m, which is not positive for the capex outlook.
Australia exports y/y%
Source: MNI - Market News/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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