Australia Trade Balance for July: surplus of AUD 460m (expected surplus AUD 1bn)

Australian exports were a huge contributor to the Q2 GDP, this is the first indication we get of Q3 trade

A miss, smaller surplus than expected at 460mln

• expected surplus AUD 1bn
• prior +856m AUD

Exports down 2% m/m

• Imports down 1% m/m