Andrew Hanlan, Research Analyst at Westpac, notes that Australia’s trade surplus narrowed to $1.0bn in April, meeting expectations (mkt median $1.0bn and Westpac $0.9bn), while the surplus for March was upgraded a little, rounded up to $1.7bn from $1.5bn.
Key Quotes
“Exports declined, with the fall a little sharper than anticipated, -2.2% vs an expected -0.9%. Declines in coal, metal ores and gold outweighed gains across fuels and services.”
“Imports were flat, falling short of the expected 1% increase. The fuel bill did rise, but by less than anticipated.”
“The April outcome represents a softer start to the June quarter. The surplus of $1.0bn falls short of the Q1 monthly average of $1.4bn.”
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