Australia’s goods trade surplus narrowed to AUD 2.63 billion in January 2026, down from AUD 3.37 billion in December and below market expectations of a AUD 3.9 billion surplus. The weaker result reflected softer exports alongside a rebound in imports.
Exports declined 0.9% month-on-month to AUD 44.06 billion, a five-month low, reversing a marginally revised 0.9% increase in December. The fall was largely driven by reduced shipments of other rural goods, likely due to seasonal patterns and weaker global demand.
By contrast, imports rose 0.8% to AUD 41.43 billion, recovering from a revised 1.8% drop in the previous month. This increase points to firmer domestic demand and inventory restocking early in the year, both of which contributed to the narrower trade surplus.
