Trade data from Australia
trade balance for June is +10.496bn AUD, a slight beat
expected surplus 10.45bn AUD, prior 9.68bn AUD
exports +4%
prior +6% m/m
imports +1%
prior +3% m/m
Its been 42 months of trade surpluses in a row for Australia. The external sector is a big boost to the economy.
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On a more technical point for Q23 as a whole, the gains for exports were driven entirely by rising prices (+13.2% in Q2). What this means is:
- exports will detract from real GDP, somewhere around -1.6 to -1.8%
- for nominal GDP (not adjusted for price change) though its a +0.7% gain contribution to Q2 GDP
