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Australia’s trade balance narrowed sharply in April, down to AUD555 million from an upwardly revised AUD3.2 billion the previous month. This surprising weakness in the trade balance was almost entirely driven by a sharp fall in the value of coal exports, down a significant 45 percent in the month (AUD2.5 billion). Coal exports were impacted by Cyclone Debbie and will likely rebound over coming months. Meanwhile, imports were marginally lower.
Coal exports were impacted by Cyclone Debbie and will likely rebound over coming months. Meanwhile, exports of metal ores and minerals and exports of other mineral fuels were also lower, down 0.9 percent and 5.1 percent m/m respectively. Exports of services continue to strengthen, up 2.5 percent in April (AUD156 million).
The value of total imports edged lower in April, down 0.6 percent m/m (AUD171 million). The decline in imports was led by a fall in imports of intermediate goods, down 2.1 percent in the month (AUD198 million). After bouncing the previous month, imports of consumption goods edged lower, down 1.2 percent m/m (AUD102 million). On the other hand, imports of services posted a solid gain, up by 2.4 percent m/m (AUD152 million).
