The June trade deficit at $1.683bn came in more narrow than the market had been expecting. Market consensus was for asolid deficit of $2.0bn {CBA (f) -$2.3bn}. The June result was the third consecutive trade deficit after three large monthlytrade surpluses over QI. The June monthly trade deficit shrank from the upwardly revised trade shortfall of $2.043bn inMay (originally reported $1.91bn deficit). This narrowing reflected a modest 0.5% lift in exports combining with a 0.8% dropin imports in June.
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