Elsewhere, inventories have seen large fluctuations associated with the supply chain disruptions and restocking and there may be some lingering impacts. That said, car imports were a key driver of the rise in real imports in the quarter and will be offset elsewhere in the accounts. For now, we have pencilled in a 0.7ppt subtraction from next exports – but it could well be larger. This reflects the volatility over recent quarters and difficulty in assessing the nominal partial data due to large price swings of key commodities.
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