ONLY CHARTS is available to paid subscribers.
A 7-day free trial is available below. Group discounts are available here.
Antipodean Macro’s in-depth research is available here.
1. Australia’s merchandise trade balance swung back in to deficit in May to the tune of -$3.02b. Nominal exports fell 6.9% m/m and imports rose +2.6% m/m. The A$ TWI appreciated +1.4% m/m in May.
Non-monetary gold exports (-35% m/m) and imports (-28% m/m) recorded large falls in May. The A$ gold price fell 4.1% m/m in May.
Excluding gold, nominal imports grew +4.3% m/m and exports declined 2.0% m/m.
2. Australia’s resources exports (ex gold) fell 4.2% m/m in May but the April/May average was 8.3% higher than Q1 monthly average.
Keep reading with a 7-day free trial
Subscribe to Antipodean Macro to keep reading this post and get 7 days of free access to the full post archives.