An increase in gold exports helped boost Australia’s trade surplus in June, according to the Australian Bureau of Statistics (ABS).
The ABS said the balance on goods rose to A$5.365 billion (US$3.473 billion) in June from $1.604 billion in May as exports rose to $44.318 billion from $41.8 billion and imports fell to $38.952 billion from $40.196 billion.
The improvement in exports was driven by a 36.7% increase in non-monetary gold exports to $5.768 billion and the fall in imports was driven by a 9.1% drop in capital goods imports to $9.366 billion.
Iron ore and coal exports increased while liquified natural gas exports eased in June compared with May, the ABS said in the announcement.
This followed a narrowing in the trade surplus in May as an increase in imports combined with a fall in exports, which was consistent with trend over the last three years.
The balance of goods has fallen in seasonally adjusted and trend terms since mid 2022, mostly due to falling exports with imports remaining broadly steady.
