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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.
AUSTRALIA DATA
The merchandise trade surplus widened more than expected in April to $6548mn from $4841mn due to a sharp drop in imports. Exports fell 2.5% m/m while imports sank 7.2% with the weakness broad-based across the major components. The series is nominal and so price fluctuations are important especially for commodities.
- The trade surplus has now been trending lower for almost two years.
Australia merchandise trade surplus $mn
Source: MNI - Market News/ABS
- Goods exports are down 5.9% y/y and have been negative year-on-year for the last 13 months. Both rural and non-rural goods fell on the month but the weakness was driven by Australia’s major commodity exports. Non-monetary gold shipments have been very strong up 83% y/y in April.
- Merchandise imports are up 2% y/y. The April weakness was seen across consumer (-5.4% m/m), capital (-5.8%) and intermediate goods (-9.6%) but looking through the volatility 3-month average annual rates are still solid.
- Clothing & footwear and consumer goods imports were weak reflecting soft consumption but vehicles rose. In terms of the investment outlook, machinery & equipment and industrial transport fell while telecoms equipment rose.
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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