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The Australian Bureau of Statistics (ABS) today released trade data for the month of April, which has registered solid falls in both imports and exports:
- In seasonally adjusted terms, goods and services credits [exports] fell $4,756m (11%) to $37,505m. Non-rural goods fell $2,192m (8%) and non-monetary gold fell $1,694m (47%). Rural goods rose $39m (1%) and net exports of goods under merchanting rose $15m (79%). Services credits fell $924m (13%).
- In seasonally adjusted terms, goods and services debits [imports] fell $3,111m (10%) to $28,705m. Intermediate and other merchandise goods fell $507m (5%) and non-monetary gold fell $402m (40%). Consumption goods rose $329m (4%) and capital goods rose $243m (4%). Services debits fell $2,773m (42%).
Meanwhile, Australia’s trade surplus retraced by 16% to $8,800 million in April:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.