Australian trade data … revisions wipe off more than $1bn from cumulative $3.4bn surplus of first 4 mths

An awesome headline on this report: We Just Found Out One Of The Most Important Numbers In The Australian Economy Was Massively Wrong

Well worth a read … it is pretty awful:

• surprisingly poor trade data
• huge deterioration in the balance on goods and services

• More strikingly … revisions to this year’s trade January to April months has seen $1.079 billion wiped off the announced surplus from the cumulative $3.412 billion announced for the first 4 months

More at the link

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This is going to weigh on the AUD