FX.co ★ Australia Exports Rebound in June

Australia’s goods exports rose by 9.6% month-on-month to AUD 47.70 billion in June, rebounding from an upwardly revised 7.6% decline in May. The recovery was driven primarily by non-monetary gold, with exports in this category surging to AUD 7.24 billion after a sharp fall in the previous month.

Non-rural goods exports increased by 4.9% on the month to AUD 34.08 billion, supported mainly by higher shipments of metal ores and minerals, which were up 4.6%. Additional gains came from coal, coke and briquettes (up 4.6%), other mineral fuels (up 4.0%), metals (up 20.2%), machinery (up 3.3%), and other manufactured goods (up 2.8%).

In contrast, rural exports fell by 1.9% month-on-month to AUD 6.30 billion, weighed down by lower exports of meat and meat preparations (down 5.9%), cereal grains and cereal preparations (down 5.1%), wool and sheepskins (down 5.1%), and other rural goods (down 3.6%).