A big beat on expectations, Solid rebound in exports
Australia's trade balance for May came in at 2.47 bn vs 1.00 bn exp and 0.56 bn last. Exports jumped by 9% m/m, while imports rose by 1% m/m.
Trade balance key points
BALANCE ON GOODS AND SERVICES: In trend terms, the balance on goods and services was a surplus of $1,956m in May 2017, a decrease of $363m on the surplus in April 2017. In seasonally adjusted terms, the balance on goods and services was a surplus of $2,471m in May 2017, an increase of $2,381m on the surplus in April 2017.
CREDITS (EXPORTS OF GOODS AND SERVICES): In seasonally adjusted terms, goods and services credits rose $2,578m (9%) to $32,781m. Non-rural goods rose $2,333m (13%), rural goods rose $118m (3%) and non-monetary gold rose $42m (3%). Net exports of goods under merchanting remained steady at $27m. Services credits rose $84m (1%).
DEBITS (IMPORTS OF GOODS AND SERVICES): In seasonally adjusted terms, goods and services debits rose $197m (1%) to $30,310m. Intermediate and other merchandise goods rose $436m (5%) and consumption goods rose $119m (1%). Capital goods fell $285m (5%) and non-monetary gold fell $102m (25%). Services debits rose $29m.
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