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.
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