Australian export data due today is a first look at Q3

A preview of the July trade balance data from Australia due Thursday 6 September 2018 at 0130GMT

• Expected surplus of 1450m AUD
• prior surplus of AUD 1873m

This will be a first look at how exports will contribute to GDP for Q3

Yesterday we got Q2 GDP, which came in at a very solid beat indeed:

• Australian Q2 GDP 0.9% q/q (expected 0.7%)
• Australian Q2 GDP responses coming through

This preview for today's sneak peek at exports via ANZ:

• We expect the trade balance to have deteriorated to a surplus of AUD1.1bn in July. Export growth will be dragged down by a sharp fall in the volume of iron ore shipments.
• Meanwhile, import values should improve after they fell 0.7% in June. This result reflected one-off impact from a fall in fuel imports and a significant drag from the volatile non-monetary gold segment