Data Snapshot: Trade Balance - Eight-in-a-Row

Good afternoon,

 

• Australia’s trade surplus lifted marginally to $1,604 million in August after posting a $1,548 million surplus in July. It was the eighth consecutive month of surpluses.
• The ongoing momentum in the global economy is supporting export growth. In August, exports grew 0.5% for a solid annual pace of 15.3%. It was the strongest annual rate in a year.
• Imports rose 0.4%, for annual growth of 12.0% and are being boosted by solid domestic demand.
• Drought conditions have hit cereal, grain & cereal preparations exports, but other categories of rural exports were supported by higher slaughter rates.
• Exports should continue to be supported by the ramp up of LNG production. However, the ongoing uncertainty over global trade policies is becoming an increasing downside risk for the world economy. While Australia is less directly affected by the impact of tariffs, the impact on key global trading partners and the potential dent to confidence remains a key issue.

 

Please see the attached report for more information.

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