Australia: Trade surplus prints $A1.55b for July - TDS
|Annette Beacher, Chief Asia-Pacific Macro Strategist at TD Securities, notes that the Australian trade surplus in July came at $A1.55b and sat between TD ($A1.7b) and market ($A1.45b) expectations.
Key Quotes
“On a lack of surprise, the AUD remains unmoved at $US0.72. With rare exception, Australia has registered monthly trade surpluses for nearly two years.”
“While China is always in focus, we point out that LNG exports have tripled in two years and approaching $A40b.”
“Over 2018 to date, Australia's trade surplus with China at $A42b (annualised) now exceeds the 2013 record of $A39b, followed by Japan at $A30b.”
“In the absence of trade with these top two trading partners, Australia's current account deficit this year would be closer to -6.5% rather than a low -2.7% of GDP.”
“Q2 export prices rose by +1.4%/q while volumes rose by +1.1%/q.”
“For Q3, our updated tracking is for prices to edge +0.5%/q higher, while volumes could expand by +2.0%/q, the latter pointing to net exports adding +0.3%pts to Q3 GDP.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.