Australia: Strong trade surplus continues its run into April - ANZ

Analysts at ANZ note that Australia’s monthly trade balance was broadly unchanged from March, coming in at a AUD4,871m surplus in April, the third highest on record.

Key Quotes

“Underlying this were a 2.5% rise in exports and a 2.8% rise in imports in April.”

“Resource exports rebounded 3.7% mostly offsetting March’s fall. This was led by metal ores and minerals being up 16.2% in the month and non-monetary gold up 19.5%.”

“Manufacturing exports were up 1.2% and service exports up slightly at 0.8% as travel increased 1.3%.”

“Imports intermediate and other merchandise goods increased 4.0% m/m, largely due to a 9.2% increase in parts for capital goods and a 3.7% increase in fuel imports.”

“Service imports were broadly flat, decreasing 0.1% m/m, reflecting a 0.9% increase in travel and 0.5% fall in transport.”