May 02, 2024 03:12 GMT
Trade Surplus Narrows Sharply In Q1
AUSTRALIA DATA
Metals bulletHomepageCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Australia’s merchandise trade surplus unexpectedly narrowed to $5.02bn in March from the downwardly-revised $6.59bn due to weak export growth while import growth remained strong. Q1 saw a $2.57bn deterioration in the surplus from the Q4 average with exports down 0.9% q/q but imports up 6%. Trade data are nominal and Q1 saw a 2.1% q/q drop in export prices as commodity prices weakened.
Australia merchandise trade balance $mn
Source: MNI - Market News/ABS
- Exports rose 0.1% m/m in March to be down 11.4% y/y, the weakest since October 2023. The softness in March and Q1 was in non-rural goods with metal ores and coal declining but other mineral fuels and metals rising.
- Good imports rose 4.2% m/m, the third rise above 4% in the last 4 months, with both consumer and capital goods strong at +4.1% m/m and 8% respectively. Import growth is now up 12.3% y/y with consumer goods +7.3% and capital +16.8%.
Australia goods exports vs imports y/y% 3mma
Source: MNI - Market News/ABS
Keep reading...Show less
161 words