Australia is paying the price for our reliance on exports

An increase in export volumes may not be enough to offset the sharp deterioration in prices, which could see below-trend growth persist for longer than expected.

Net exports, the main driver of growth earlier this year, have deteriorated sharply during the June quarter. Despite export prices declining significantly in support of volumes, net exports are set to subtract at least 0.8 percentage points from growth in the June quarter.

Australia’s trade deficit narrowed to $1.7 billion in June -- from $2.0bn in May -- to complete a fairly ordinary quarter for trade. Nevertheless, the result exceeded market expectations for the deficit to remain at around $2bn.

Graph for Australia is paying the price for our reliance on exports

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