Australia trade balance grows more than expected in June
2024.07.31 22:46
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.
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.
grew 1.7% month-on-month in June, with the country’s key iron ore, metal ores and mineral exports all clocking increases.
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.
