Data Snapshot: Trade - Best Trade Surplus in 13 Months

• Australia’s trade surplus rocketed to $1,873 million in June, up from $725 million in May. It is the best surplus since May 2017 and the sixth consecutive surplus.
• The wider surplus in June reflects a lift in exports of 2.5% and a drop in imports of 0.5%.
• Annual exports growth accelerated to 12.4% in June, which is the firmest annual pace in nearly one year. The weaker Australian dollar has boosted the competitiveness of Australia’s exports at a time when global growth is firm.
• Imports across the categories were mixed in June. Of note, capital-goods imports jumped 7.8% in June, which is the fastest monthly pace in six months and provides a good leading indicator for business investment.
• Net exports should make a modest positive contribution to economic growth in the June quarter, based on the size of recent trade surpluses.

 

Please see the attached report for more information.

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