Australia's trade surplus shrunk to AUD 827 million in May from the April surplus of AUD 977 million, according to Australian Bureau of Statistics (ABS). Further, the May trade data surprised the markets to the downside, as a surplus of AUD 1,200 million was expected.
May Key Points (Source: ABS)
Balance on goods and services
In trend terms, the balance on goods and services was a surplus of $1,056m in May 2018, an increase of $83m on the surplus in April 2018.
In seasonally adjusted terms, the balance on goods and services was a surplus of $827m in May 2018, an increase of $355m on the surplus in April 2018.
Credits (exports of goods and services)
In seasonally adjusted terms, goods and services credits rose $1,353m (4%) to $35,562m. Non-rural goods rose $938m (4%) and non-monetary gold rose $343m (22%). Rural goods fell $4m. Net exports of goods under merchanting remained steady at $4m. Services credits rose $75m (1%).
Debits (imports of goods and services)
In seasonally adjusted terms, goods and services debits rose $998m (3%) to $34,735m. Consumption goods rose $471m (6%), intermediate and other merchandise goods rose $459m (4%) and non-monetary gold rose $142m (23%). Capital goods fell $98m (2%). Services debits rose $23m.
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