Exports ease
International trade exports in Aussie dollar terms were about 3 per cent softer in August, though in truth still enormously strong at about $40 billion.
The recent strength in exports is much more a story of prices than it is of volumes.
The recent strength in exports is much more a story of prices than it is of volumes.
Further weakness in imports was reflected in another very large trade surplus of $6.9 billion.
The cumulative trade surplus over the past year is now a thunderous $54.8 billion.
Monthly exports were down mainly due to iron ore, coal, and gold, but looked at in context, iron ore exports in Aussie dollar terms have really exploded since May.
The annual dollar value of Aussie exports hit a record $480 billion, up dramatically from $414 billion a year earlier.
With the Aussie dollar now down to 67 cents, tourism will no doubt continue to flourish, while the long trade services recovery has been floundering a little.
Finally, a look at the merchandise trade balances at the state level, with Western Australia heading to the moon on the back of the iron ore boom.
Overall, very strong on the exports side, but with an ongoing disappointing weakness in capital imports, which rather reflects a lack of buoyancy and investment in the domestic economy.
