Australia trade balance grows more than expected in June

Published 01/08/2024, 02:44
© Reuters.
AUD/USD
-
AXJO
-

Investing.com-- Australia’s trade balance grew slightly more than expected in June, aided by a steady increase in exports of iron ore and other key commodities, although the trade surplus still remained close to four-year lows. 

Trade balance grew to a surplus of A$5.59 billion ($3.66 billion) in June from A$5.05 billion in the prior month, data from the Australian Bureau of Statistics showed on Thursday. The reading was higher than expectations for a surplus of A$5.08 billion. 

Exports grew 1.7% month-on-month in June, with the country’s key iron ore, metal ores and mineral exports all clocking increases. 

Imports grew 0.5% on higher shipments of capital goods, while cooling retail demand saw consumption goods drop.

But Australia’s trade surplus still remained close to a four-year low hit in March, as the country grappled with sluggish demand in its biggest export destinations, namely China. 

Cooling economic growth in China dented the country’s appetite for commodity imports, especially those of metals and ores. The country is Australia’s biggest trading partner. 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.