AUSTRALIA DATA: UK Becoming A More Important Export Destination
After frontloading of shipments to the US in Q1 to beat the early April tariff deadline, exports moderated in Q2 but while they remained at robust levels, the UK exceeded them in June. There was an improvement in growth to a number of Australia’s major destinations. Iron ore & coal volumes were robust in June.
- Export growth to the US rose 19.6% y/y in June but the level was surpassed by the UK which saw shipments rise to their highest on record. They have been rising strongly since the Aus-UK FTA came into effect in May 2023 and were over 1000% higher in Q2 than in Q1 2023.
Australia goods exports to the UK A$mn 12-mth sum
- Exports to China rose in June and annual growth picked up to 2.8% y/y, highest in 18 months. There was an increase in the volumes of iron ore shipments to China.
- There was also higher annual growth to NZ, Korea, India and Indonesia, while it was weak to Japan, Germany, Singapore and Taiwan.
Australia goods exports to Asia y/y%
Source: MNI - Market News/ABS
- Iron ore volumes rose in both May and June driven by China and Japan, while they fell to Korea, Vietnam and Indonesia. Prices fell for the fourth straight month.
- Coal export quantities were up in June driven by Japan, Korea, Taiwan and Europe after hard-coking and semi-soft both rose in May. Unit values also increased on the month.
- LNG saw volumes fall again in June, while prices have decreased in every month this year.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
CHINA PRESS: China Stock Market To Release New Indexs For Innovative Firms
The Shanghai and Shenzhen stock exchanges will release new indexes to reflect the performance of specialised and innovative enterprises as defined by the Ministry of Industry and Information Technology, and help guide funds to these SMEs, Securities Times reported. The indexes will be released on July 21, the newspaper said.
CHINA PRESS: China To Promote Construction of High-Power Charging Facilities
Provincial governments need forward planning to address the development goals and construction tasks of high-power charging facilities for electric vehicles, according to a document by the National Development and Reform Commission. Authorities should first transform charging facilities with a utilisation rate exceeding 40% during major holidays into high-power units and aim to have more than 100,000 high-power charging facilities nationwide by the end of 2027, the document said. (Source: 21st Century Business Herald)
CHINA PRESS: China's Role As Mature Net Creditor Nation Increasing
China’s reserve assets accounted for just 33.0% of its external financial assets by the end of Q1 2025, the lowest on record, according to Guan Tao, former senior official at the State Administration of Foreign Exchange (SAFE). Down from an historic high of 71% in Q2 2011, the decline reflects over a decade of two-way financial opening and a rising private-sector role in overseas asset allocation. If this momentum continues, 2025 could mark China’s emergence as a mature net creditor nation. However, policymakers must stay alert to risks from a sharper-than-expected drop in the trade surplus or heightened Yuan volatility.
