Trade Balance

Australia’s seasonally adjusted goods trade surplus widened substantially to A$5,365m in June, after falling to a seven-year low of A$1,604m in May (originally A$2,238m). The market expectation was for a A$3,000m surplus. The wider surplus was driven by a A$3,761m rise in exports and A$1,244m fall in imports.

Australia’s seasonally adjusted goods trade surplus declined to a 4.5-year low of A$2.2b in May, from the downwardly revised A$4.9b in the previous month. The May decline in the goods trade surplus was caused by both a 2.7% fall in exports and a 3.8% rise in imports.

Australia’s seasonally adjusted goods trade surplus fell to A$5,413m in April from A$6,892m in the previous month. The lower goods trade surplus in April resulted from a 2.4% fall in exports and, to a lesser extent, a 1.1% gain in imports.

Goods trade surplus surged to an over two-year high of A$6.9b, from the downwardly revised A$2.9b. The surge in the goods trade surplus was driven by a 7.6% bounce in exports and, to a lesser extent, a 2.2% decline in imports. Around 80% of the gain in exports came from iron ore and non-monetary gold; the latter supported by increased demand from the US.

Australia’s goods trade surplus dropped to A$3.0b in February, amid a 3.6% decline in exports caused mainly by lower exports of non-monetary gold to the US. Despite easing somewhat in February, non-monetary gold exports remain 70 times higher than their historical average up to November 2024.

Australia’s seasonally adjusted goods trade surplus widened A$696m to A$5,620m in January, from a revised A$4,924m in December (previously A$5,085m). The market expectation was for a A$5,900m surplus. The rise in the goods trade surplus was driven by a 1.3% increase in exports, while imports fell by 0.3%.