As per the Australian Bureau of Statistics (ABS) report, June month trade grew 8,036M versus 6,000M expectations. Details suggest Exports weakening to 1.0% from 4.0% prior while imports declining to -4.0% versus +1.0% earlier.
In reaction to the data, AUD/USD surges to 0.6786 after the publish.
Key points from the ABS report are as follows:
Balance on goods and services
In trend terms, the balance on goods and services was a surplus of $7,032m in June 2019, an increase of $355m on the surplus in May 2019.
In seasonally adjusted terms, the balance on goods and services was a surplus of $8,036m in June 2019, an increase of $1,863m on the surplus in May 2019.
Credits (exports of goods and services)
In seasonally adjusted terms, goods and services credits rose $576m (1%) to $42,378m. Non-rural goods rose $758m (3%). Rural goods fell $170m (4%) and non-monetary gold fell $37m (2%). Net exports of goods under merchanting remained steady at $18m. Services credits rose $26m.
Debits (imports of goods and services)
In seasonally adjusted terms, goods and services debits fell $1,287m (4%) to $34,342m. Capital goods fell $600m (9%), consumption goods fell $450m (5%) and intermediate and other merchandise goods fell $366m (3%). Non-monetary gold rose $132m (28%). Services debits fell $2m.
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