Business
Australia’s trade surplus rises to five-month high in July;investors digest Bullock remark
sasirin pamai
- Australia’s trade surplus on goods increased to AUD 6.01 billion in July 2024 from a downwardly revised AUD 5.43 billion in the previous month, surpassing market expectations of AUD 5 billion, the largest trade surplus since February, as exports grew while imports fell.
- Exports of goods from Australia grew 0.7% from a month earlier to a five-month high of AUD 43.81 billion in July 2024, mainly boosted by other rural.
- Imports of goods to Australia were down by 0.8% month-over-month to a three-month low of AUD 37.79 billion in July 2024, followed a downwardly revised 0.4% growth in the prior month.
- Reserve Bank of Governor Michele Bullock reiterated that the central bank decided to keep rates unchanged at the August meeting as inflation remains too high. However, she acknowledged that the RBA will aim to preserve gains made in the labor market while trying to bring inflation down toward the 2-3% target range.
- The S&P/ASX 200 Index rose 0.5% to around 7,990 on Thursday, recouping some losses from the previous session.
- ETFs: (EWA), (FXA), (FLAU).
-
More on Australia
Source link
