Global Macro Service > Data Insights > Australia

Trade surplus advances back towards A$1bn in May

The trade surplus rebounded after April’s sharp decline, recovering to A$827mn. Both exports and imports of goods advanced strongly, growing by 5% and 4% on the month respectively. Services exports also rose, by 1% m/m, while imports were broadly flat.

The positive global environment and coming online of LNG capacity will support exports growth, and we expect export volumes to increase by around 5% in 2018. In contrast, growth in import volumes is forecast to slow in line with the relatively subdued pace of domestic demand. Overall, we expect the trade balance to remain comfortably in surplus this year and next.

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