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International Merchandise Trade (May)

May's 0.6% m/m decline in export volumes together with downward revisions to previous months indicate that second-quarter exports declined, a significantly weaker result than our earlier assumption. Even allowing for some modest rebound in June, net exports likely contributed negatively to second-quarter GDP growth, which now looks like it was between 1.5% to 2.0% annualised.

Regards,

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