Australia trade balance for July 12.1 bn AUD surplus (expected surplus of 10.2bn)

Australia trade balance for July a huge beat at +12.7bn AUD

• expected surplus of 10.2bn AUD

• prior surplus 10.4496bn AUD

• exports +4.8% m/m vs. expected 2.7%, prior 4%

• imports +3.3% m/m expected 2.2%, prior 1%

Trade surplus to another record high. Exports of iron ore a huge contributor, as always (they account for just under 40% of Australia's exports) but this time even more so. Exports of iron ore are up 78% y/y.

Imports beat expectations and the June figure, indicating a demand for goods from consumers and business before the (ongoing) wave of coronavirus hit.