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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
Australia’s trade picture remained robust at the start of 2024 after net exports contributed 0.6pp to Q4 growth but import picture still suggests lacklustre domestic demand. The January merchandise trade surplus widened by $284mn to $11 027mn, a bit less than expected. Exports outpaced imports rising 1.6% m/m versus 1.3% m/m respectively, but both are weak on the year falling 5.2% y/y and -5.3%.
- The growth in goods exports was driven by non-monetary gold but rural goods also rose strongly due to meat and cereals. Non-rural goods fell 0.5% m/m and -9.1% y/y due to drops in coal and other mineral fuels but metal ores were stronger. Lower commodity prices are also weighing on the series.
- Goods imports were driven by an increase in non-industrial vehicles (+17.2% m/m). After a couple of weak months consumer and capex goods imports rose strongly by 5.2% m/m and 5.9% respectively, but machinery & equipment fell 2.1% with industrial transport up 13.1%. Despite the January improvement, the 7% y/y and 9.2% y/y drops in both consumer and capex goods imports signal soft domestic demand.
Australia merchandise imports y/y% 3-month ma
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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