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Australia - Trade balance (March): Deficit 2.163bn (expected -2.9bn, prior -3.41bn)

Australian trade balance data for March

Trade balance -2163mln, the third consecutive improvement in the deficit.

  • expected -2900m, prior -0400mln, revised up from 3410mln

  • Exports of goods and services +4% m/m (s.a)
  • Imports +1% m/m (s.a.)

The jump in exports helping the deficit to come in at a less bad result than expected

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ADDED - Comments from Westpac (in brief):

  • Export earnings did surprise a little to the upside, rising 4.8% whereas Westpac had anticipation a 3.7% rise.
  • As expected metal ores (mostly iron ore) rose but the 7.6% but this was a bit less than we thought given the bounce in the Chinese spot price for iron ore which are up 21% in the month.
  • The big surprise this month was the almost 60% rise in gold exports was worth an additional $659mn in the value of exports. Gold exports are very volatile month to month, they fell 20% in February, and a large correction next month is a genuine possibility.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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