Australia’s Trade Surplus Widens to 6,548M in May, Beating 5,500M Expectation
The Australian Trade surplus data came at 6548M in the May month versus 5500M is expected, 5024M is printed in the April month. Exports data plunged to -2.5% MoM to the 0.10% MoM in the previous month. Imports data plunged to -7.5% from 4.2% printed in the previous month. The Australian Dollar moved up after the data printed.
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Australia’s trade surplus widened to 6,548 million AUD in May, surpassing the expected 5,500 million AUD and the previous reading of 5,024 million AUD, according to the latest foreign trade data published by the Australian Bureau of Statistics on Thursday.
Further details reveal that Australia’s exports of goods and services in May declined by 2.5% on a monthly basis, compared to a slight increase of 0.1% in the previous month. Meanwhile, imports of goods and services fell sharply by 7.2% in May, a significant change from the 4.2% increase observed in the previous month.
Australia Trade Surplus Rebounds in April with Import Decline
The Australian trade surplus for May was reported at 6548 million AUD, surpassing the expected 5500 million AUD and significantly higher than the 5024 million AUD recorded in April.
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Exports declined by 2.5% month-over-month (MoM), compared to a marginal increase of 0.10% MoM in the previous month. Imports also saw a significant drop, decreasing by 7.5% MoM from an increase of 4.2% MoM in the prior month.
Following the release of this data, the Australian Dollar appreciated.
Australia’s trade surplus for goods rebounded in April as imports declined after several months of increases, while exports of iron and coal also softened, according to data released on Thursday.
The Australian Bureau of Statistics reported that the balance on goods rose to A$6.5 billion (US$4.34 billion), up from a downwardly revised A$4.8 billion in March and surpassing market forecasts of A$5.4 billion.
Exports fell by 2.5%, reaching their lowest level since late 2021, with both the prices and volumes of iron ore and coal decreasing. Imports dropped sharply by 7.2%, with notable declines in computing equipment, clothing, and processed industrial supplies.
Australia Trade Balance Exceeds Expectations in April as Imports Shrink
The Australian trade surplus for May was reported to be 6548 million AUD, significantly higher than the expected 5500 million AUD. In comparison, the trade surplus for April was recorded at 5024 million AUD.
AUDNZD is moving in Descending channel and market has reached lower low area of the channel
Regarding exports, the data showed a decline, dropping by 2.5% month-over-month (MoM) compared to a marginal increase of 0.10% MoM in the previous month. Similarly, imports also saw a significant decline, decreasing by 7.5% MoM from an increase of 4.2% MoM in the previous month.
Following the release of this data, the Australian Dollar experienced an upward movement.
Australia’s trade balance grew more than expected in April, as a drop in key commodity exports was offset by an even bigger decline in imports due to weakening local demand.
According to data from the Australian Bureau of Statistics released on Thursday, the trade balance increased to a surplus of A$6.55 billion (US$4.34 billion). This figure surpassed expectations of a A$5.37 billion surplus and was higher than the previous month’s revised balance of A$4.84 billion.
Despite the overall stronger surplus, Australia’s key exports—metal ores, coal, and mineral fuels—fell sharply in April, resulting in a 2.5% decline in total exports from the previous month. This decrease was driven by weakening global commodity demand, particularly from China, which is experiencing a sluggish economic recovery.
However, the decline in exports was more than offset by an even greater reduction in imports. Total imports fell by 7.2% month-on-month in April, reflecting weak local economic conditions. The import of capital goods dropped sharply due to reduced business spending. Although there was an increase in electronics and automobile imports, shipments of consumption goods also contracted.
This trend is occurring as the Australian economy cools under the pressure of high interest rates and persistent inflation. Gross domestic product data released on Wednesday indicated that the economy grew less than expected in the first quarter of 2024, barely avoiding a recession.
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