Australia’s international trade plunged further in May

The Australian Bureau of Statistics (ABS) today released trade data for the month of May, which has registered strong falls in both imports and exports:

  • In seasonally adjusted terms, goods and services credits fell $1,604m (4%) to $35,742m. Non-rural goods fell $1,080m (4%), rural goods fell $404m (10%) and non-monetary gold fell $219m (12%). Net exports of goods under merchanting remained steady at $45m. Services credits rose $99m (2%).
  • In seasonally adjusted terms, goods and services debits fell $1,799m (6%) to $27,717m. Consumption goods fell $1,233m (14%), intermediate and other merchandise goods fell $821m (8%) and capital goods fell $412m (7%). Non-monetary gold rose $710m (113%). Services debits fell $43m (1%).

As stated above, consumption imports tanked by 14% in May, suggesting collapsing consumer demand.

Meanwhile, Australia’s trade surplus rebounded by 2% to $8,025 million in May:

Australian exports remain at historically high levels, driven by iron ore and natural gas.

Leith van Onselen

Comments are hidden for Membership Subscribers only.