FX.co ★ Australia Logs Biggest Trade Deficit Since 2015

Australia unexpectedly recorded a trade deficit of AUD 3.02 billion in May 2026, swinging from a downwardly revised surplus of AUD 1.38 billion in April and defying market forecasts for a AUD 2.2 billion surplus. This marked the country’s second trade deficit of the year and the largest since December 2015, as exports declined while imports increased. Exports fell 6.9% month-on-month to a four-month low of AUD 43.61 billion, reversing a 7.2% rise in April, largely due to weaker shipments of non-monetary gold and metal ores and minerals. In contrast, imports rose 2.6% month-on-month to AUD 45.46 billion, picking up from a downwardly revised 0.2% gain in April, in line with stronger domestic demand.