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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 May merchandise trade surplus narrowed more than expected with April also revised lower. It came in at $5.77bn down from $6.03bn, as imports outpaced exports. The surplus has been trending lower for almost two years now with exports performing poorly since mid-2023. Strong consumer goods imports would probably worry the RBA but they have been easing, while strength has been in the intermediate goods component.
Australia merchandise trade surplus $mn
Source: MNI - Market News/ABS
- Exports rose 2.8% m/m after falling 2.2% in April to still be down 7.8% y/y after -7.2%. The pickup was driven by metal ores & minerals driving a 3.7% m/m increase in non-rural goods which are still 7.2% lower on a year ago, while rural fell 1.2% to be down 15.9% y/y.
- Imports rose 3.9% m/m to be up 3.5% y/y after -7.0% m/m and +2.1% y/y in April. May was driven by higher fuel imports and given the trade data are nominal the pickup in oil prices this year would have boosted this.
- Consumer goods imports rose 2.4% m/m but fell 2.3% y/y. The May increase was broad-based across sectors with transport equipment up 2.9% m/m and food & beverages +3.1%. Capital goods rose 0.5% m/m and 1.7% y/y due to the +22.9% m/m rise in ADP equipment but machinery fell 1% and transport 10.2%. Intermediate goods rose 6.6% m/m and 10.5% y/y as fuel increased 10.8% m/m.
Australia goods exports vs 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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