Australia has run up trade deficits totaling more than $36 billion over the year to May.
Coal exports, erm, not so flash, down 3 per cent.
Trend services exports were still up by +6 per cent over the year, but the previously upbeat results have been mercilessly revised down.
The one relative bright spot in the services sector continues to be tourism.
However, the best performer over the past year has been gold, with $16.1 billion of exports in the year to May (up some +19 per cent from $13.5 billion last year).
The trade deficit was therefore a miss in May. Throw in another underwhelming result for retail trade today and inevitably future markets are tentatively teeing up another interest rate cut for August.