Economic Indicators

Australian trade surplus shrinks sharply in July

2022.09.10 16:00

Australian trade surplus shrinks sharply in July
Australian trade surplus shrinks sharply in July

 Australia’s trade surplus shrank by more than expected in July as exports of iron ore and coal cooled after a very strong run, while more Australians travelled and spent abroad.

Data from the Australian Bureau of Statistics out on Thursday showed the surplus on goods and services narrowed to A$8.7 billion ($5.66 billion), from June’s A$17.1 billion and well under forecasts of $14.5 billion.

Exports fell a steep 9.9%, led by a 15% dive in iron ore and a 17% drop in coal. Imports jumped 5.2% as Australians bought more cars and clothes, while rushing abroad as coronavirus restrictions lapsed.

Source

Australian trade surplus shrinks sharply in July

Related Articles

Leave a Reply

Back to top button