FX.co ★ Australia Exports Hit 4-Month Low

Australia’s goods exports fell 6.9% month-on-month to a four-month low of AUD 43.61 billion in May, reversing a 7.2% increase in April. The decline was driven mainly by lower exports of non-monetary gold and metal ores and minerals. Non-monetary gold exports extended their downturn, tumbling 35.0% to AUD 4.52 billion. Shipments of non-rural goods decreased 2.9% month-on-month to AUD 32.37 billion, largely reflecting a 9.0% drop in exports of metal ores and minerals. Additional downward pressure came from weaker exports of metals (-9.3%) and transport equipment (-5.5%).