Australian trade data for May will be released later this morning.
Here’s the state of play.
- In April Australia’s trade deficit ballooned to $3.888 billion, the largest on record.
- Exports fell by 6% while imports jumped 4%.
- Merchandise imports from South Korea to Western Australia jumped to over $1.5 billion in April, the highest level on record. This surge, abnormally high, was the chief culprit behind the blow-out in the national deficit recorded.
- In light of this, analysts are expecting the trade deficit to narrow to $2.2 billion in May.
The ABS will release its international trade in goods and services report for May at 11.30am. Business insider will have full coverage once the data drops.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.