Australian trade balance for June: AUD 1873m surplus (vs. expected surplus 900m)

A big best of estimates for the trade surplus

• expected surplus 900m AUD
• previous was 827m AUD surplus

Exports +3.0% m/m (prior +4.0%)

Imports -1.0%m/m (prior +3.0%)

Imports had been expected to show some give back after a big May result. Check.

Exports had been expected to remain on the strong side … and they've delivered.

'Net exports' (in a nutshell exports minus imports) are added into the GDP data. This data today is for June month, so it will feed into Q2 GDP as a substantial positive. We get Q2 GDP data not until September 5th, but keep this result in mind if I get too bearish on it, K?

For background to this data release:

• AUD data due soon - trade balance preview
• AUD traders - preview of trade balance data due soon