-
First impressions: Australian trade balance, July
Australia’s trade surplus narrowed in July – as was anticipated, albeit the move was a little greater than forecast. The July surplus printed at $4.6bn, moderating from $8.1bn – vs an expected $5.4bn (Westpac and market median). Exports fell and imports rose – with both moving a little more than anticipated. Export earnings declined by 4.4% (vs a forecast -3%), down $1.6bn. Service exports took a sizeable step lower, down 12%, -$0.8bn, with the ongoing closure of the international border impacting tourism and foreign students. Goods exports fell by 2.8%, with declines across iron ore (off a high base), coal ... (full story)