Australian trade balance data due today – preview

Exports and imports data due at 0130GMT on 4 July 2018 from Australia

Trade balance for May 2018

• expected AUD +1200m, prior AUD + 977m

Preview via Westpac, bolding mine:

• Australia's monthly trade account has been in surplus so far in 2018, with a monthly average of $1.4bn for Q1.

• For May, we anticipate another trade surplus, widening a little to $1.3bn, up from $1.0bn in April.
• The import bill is expected to increase by 1%, +$0.3bn, largely on higher prices, particularly rising global energy costs.
• Export earnings are expected to expand by 2%, $0.6bn, reflecting: higher prices associated with a lower currency (down 2% against the US dollar to 75.3¢); higher energy prices; modest gains in coal and iron ore shipments; as well as a lift in service exports.