Australia's trade surplus widened to AUD 8.04 billion in June 2019 from an upwardly revised AUD 6.17 billion in the previous month, easily beating market expectations of AUD 6 billion. It was the largest trade surplus on record.
Exports increased 1 percent from the previous month to an all-time high of AUD 42.38 billion in June. Sales of non-rural goods rose 3 percent to AUD 28.53 billion, driven by metal ores and minerals (5 percent), coal, coke and briquettes (4 percent), other manufactures (6 percent), and metals excluding non-monetary gold (21 percent). Conversely, sales of rural goods fell 4 percent to AUD 3.82 billion, led by cereal grains and cereal preparations (-36 percent) and wool and sheepskins (-19 percent). Also, sales of non-monetary gold declined 2 percent to AUD 1.65 billion. Meanwhile, exports of services were flat at AUD 8.35 billion.
8/6/2019 10:26:17 AM
Meanwhile, imports dropped 4 percent to AUD 34.34 billion. Purchases of capital goods tumbled 9 percent to AUD 6.29 billion, in particular machinery and industrial equipment (-5 percent), telecommunications equipment (-9 percent), and industrial transport equipment n.e.s (-18 percent). Also, purchases of consumption goods declined 5 percent to AUD 8.35 billion, due to non-industrial transport equipment (-13 percent), consumption goods n.e.s (-6 percent), household electrical items (-3 percent), and toys, books, and leisure goods (-3 percent). Imports of intermediate goods and other merchandise goods fell 3 percent to AUD 10.62 billion, mainly dragged down by fuels and lubricants (-11 percent), and parts for transport equipment (-4 percent). By contrast, purchases of non-monetary gold jumped 28 percent to AUD 610 million. Imports of services were little-changed to AUD 8.48 billion.
Considering the first half of the year, the trade surplus soared to AUD 34.17 billion from AUD 7.56 billion in the corresponding period of 2018.