Australia Trade Surplus Below Forecasts in July
Australia's trade surplus narrowed to AUD 7.27 billion in July 2019 from a downwardly revised AUD 7.98 billion in the previous month and below market estimates of a surplus of AUD 7.4 billion. Imports increased 3 percent from a month earlier, while exports grew at a softer 1 percent.
9/5/2019 8:50:41 AM
Imports increased 3 percent month-over-month to AUD 35.27 billion in July. Purchases of consumption goods rose by 4 percent to AUD 8.78 billion, largely due to non-industrial transport equipment (14 percent). In addition, imports of intermediate and other merchandise goods went up by 5 percent to AUD 11.16 billion, mainly boosted by fuels and lubricants (14 percent). Also, imports of non-monetary gold soared 29 percent to AUD 787 million. On the other hand, purchases of capital goods fell 1 percent to AUD 6.11 billion, largely due to civil aircraft and confidentialised items (-36 percent) and capital goods n.e.s (-15 percent). Additionally, imports of services fell by AUD 30 million to AUD 8.43 billion, led by maintenance and repair services n.i.e (-30 percent) and transport (-1 percent).
Exports advanced 1 percent to a new record high of AUD 42.54 billion
. Sales of non-monetary gold jumped 66 percent to AUD 1.09 billion. Also, exports of services rose AUD 38 million to AUD 8.38 billlion, in particular other services (2 percent). In contrast, sales of non-rural goods fell by 3 percent to AUD 27.65 billion, led by coal, coke and briquettes (-9 percent) and metals excluding non-monetary gold (-32 percent). In addition, exports of rural goods shrank 1 percent to AUD 3.76 billion, mainly due to other rural (-7 percent). At the same time, net exports of goods under merchanting slumped 33 percent to AUD 12 million.
Considering the first seven months of 2019, the trade surplus soared to AUD 41.47 billion from AUD 9.18 billion in the corresponding period the prior year.