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AUSTRALIA DATA
Shipments to Australia’s major merchandise export destinations have been weak as softer commodity prices weigh on values but volume growth was robust in June.
- Exports to China fell 11% y/y in June after -2.8% in May. It is worth noting that the data is volatile and non-seasonally adjusted. Korea was also weak falling 11.6% y/y and Japan -5.4% y/y, although this was an improvement from -27.9%. Taiwan, India and NZ all recorded annual contractions but growth to the US and UK was robust. Export growth to the US is generally outperforming that to China.
- Global import volume growth has been weak this year, especially to developed markets.
- There was strong volume growth in shipments of key commodities in June with iron ore and coal recording the second consecutive monthly rise driven by Japan and China but export to Korea were weak. LNG volumes fell 4.5% m/m after rising 0.5%.
- However, prices fell on the month except for hard coking and thermal coal. Iron ore was down around 5% m/m while LNG fell 4.5% m/m, the fifth consecutive drop.
Australia exports by destination y/y%
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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