Australia trade surplus hits 17-mth low as China weakness dents exports
Investing.com-- Australias trade surplus shrank more than expected in July as weak demand in China weighed on the exports of key metals and commodities, while imports rebounded from a drop in the prior month.
Australias trade surplus fell to A$8.04 billion ($5.13 billion) in July from A$11.32 billion in the prior month, data from the Australian Bureau of Statistics (ABS) showed on Thursday. The reading was weaker than expectations for a surplus of A$10.0 billion, and was also at its lowest level since February 2022.
The reading was largely driven by a 2% drop in exports from the prior month, which in turn was spurred by weaker shipments of metal ores, coal and mineral fuels.