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Financial News: Australia's Trade Surplus Falls In July

Australia's Trade Surplus Falls In July

09/06/2018 - 01:03:00 (RTTNews)

(RTTNews) - Australia's trade surplus decreased in July, the Australian Bureau of Statistics reported Thursday.

The trade surplus fell to a seasonally adjusted A$1.55 billion in July from A$1.94 billion in June. Nonetheless, this was above the expected level of A$1.45 billion.

Data showed that exports dropped 1 percent from the previous month, while imports remained broadly unchanged in July.

Export growth is likely to slow further through the second half of the year given the bulk of Australia's major LNG, iron ore and coal mines are now approaching output capacity and scope for further marginal increases appears limited, Tom Kennedy, an economist at J.P. Morgan, said.

As a result, the net export contribution to real GDP growth is expected to fade and become neutral by end-2018, the economist added.

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