Australia: Another record high for trade surplus – Westpac
Andrew Hanlan, Senior Economist, Westpac offers his first impression of the Australian Trade Balance data released earlier in the Asian session this Thursday.
Key quotes
“The surplus climbed to $17.7bn in June led by an export surge.”
“The June outcome exceeded expectations, Westpac $14.6bn and market median $14.0bn.”
“Note that the May figures was revised lower, to $15.0bn from $16.0bn, - still a new record high ahead of the June result.”
“Export earnings surged during the June quarter, reflecting a combination of higher prices and a welcome lift in volumes, off a relatively subdued base.”
“Exports grew by 5.4% in April, then rose 8.9% in May, followed by a 5.1% lift in June. We had anticipated that exports would consolidate in June.
“On the import side, the gain of 0.7% fell short of our expectations, a forecast 3.2%.”
“Weakness was centred on a pull-back in civil aircraft, as well as softness in car imports which continue to be disrupted by supply chain issues.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
