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1. Australia’s merchandise trade balance returned to a $1.93b surplus in June. Nominal exports jumped +9.6% m/m and imports declined 0.2% m/m. The A$ TWI depreciated 1.4% m/m in June.
Non-monetary gold exports (+60.2% m/m) and imports (+35.6% m/m) both rose strongly in June in nominal terms. The A$ gold price fell 5.5% m/m in June.
Excluding gold, nominal imports fell 1.7% m/m and exports rose +3.8% m/m.
2. The value of Australia’s resources exports (ex gold) rose +6.1% m/m in June and +10% in Q2. This partly reflects higher prices, including for coal, but also recovery in volumes following earlier disruptions.
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