Australia Q2 Export price index +1.9% q/q (expected -1.3%) & Import +3.2% q/q (+1.9%)

A beat on export prices will be welcome news

Import price index expected +3.2% q/q

• +1.9%, prior +2.1%
• For the y/y, up 6.0%

Export price index +1.9% q/q (posted after more than one double take ….!)

• expected -1.3%, prior +4.9%
• y/y +6.9%
• exported energy (mineral fuels) a driver

As suspected, little forex impact.

On a bigger picture, though, the good size beat in export prices will be welcome. It should have positive implications for Q2 GDP also (join me on September 5th for the Q2 GDP … plenty of time for a ciggie before then!).

The falling AUD during the quarter contributed to higher for both these.