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.