Unexpected trade surplus for July
The economy defied expectations of a trade deficit in July, delivering instead the first July surplus since 1991.
The economy defied expectations of a trade deficit in July, delivering instead the first July surplus since 1991.
The consensus market forecast was for a small monthly deficit of $100 million: instead there was a surplus of $129 million, taking the annual trade balance to $1.314 billion.
Exports rose $166 million to $3.7 billion, mostly due to a $72 million rise in mild products but also to increases in crude oil (up $39 million) and mechanical machinery and equipment (up $23 million).
By destination, exports to Australia rose 8.5%, while exports to India more than doubled, albeit off a comparatively low base, to $60 million.
Imports fell $149 million to $3.6 billion, mostly due to a drop in oil and petroleum imports, which dropped by $97 million.
Fertiliser imports also fell, contributing to an $88 million drop in processed industrial supplies.
Offsetting this, imports of capital goods rose by 18%, to $72 million, mostly due to a $72 million increase in firms importing plant and machinery.
Rob Hosking
Wed, 24 Aug 2011
Wed, 24 Aug 2011
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Unexpected trade surplus for July
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