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Investing.com-- Australia’s trade balance grew more than expected in July, boosted chiefly by strong exports as commodity demand in the country’s key Asian and European markets recovered marginally during the month.
Australia logged a trade surplus of A$7.31 billion($4.78 billion) in July, far more than expectations for a surplus of A$4.88 billion, data from the Australian Bureau of Statistics showed on Thursday. The surplus was at its highest level since February 2024, and also increased from the A$5.37 billion surplus seen in June.
Exports grew 3.3% month-on-month in July, supported chiefly by commodities such as metal ores, coal, mineral fuels, and metals, which are Australia’s top exports.
Commodity demand in overseas markets such as China, Japan, and Europe, was seen improving in July, while Australian shipments of meat, cereal, and other food products also picked up during the month, ABS data showed.
A rebound in exports bodes well for the Australian economy, especially as recent gross domestic product data showed lagging export contribution weighed on economic growth in the second quarter.
July’s strong trade surplus was also driven by a drop in imports, which fell 1.3% month-on-month.