Analysts at ANZ note that Australia’s monthly trade balance surged to a new high in May, coming in at a AUD5,745m surplus, the highest on record.
Key Quotes
“Underlying this was a 3.6% m/m rise in exports and a 1.5% rise in imports in May.”
“Resource exports continued to grow strongly, up 5.7% m/m in May.”
“Capital goods imports were up 5.3%, reflecting solid growth across most categories.”
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