Australia’s trade surplus narrowed to AUD 1.93 billion in July 2026, down from an upwardly revised AUD 2.34 billion in June. Despite the contraction, the result exceeded market expectations, which had pointed to a deficit of AUD 1.40 billion, as exports declined more sharply than imports.
Imports fell 2.5% month-on-month to AUD 44.34 billion, reversing an upwardly revised 0.7% decrease in June. The drop was largely driven by reduced imports of fuel and lubricants, reflecting subdued domestic demand. Exports decreased 3.3% month-on-month to AUD 46.26 billion in July, following a downwardly revised 9.1% surge in June. The fall in exports was mainly attributable to lower shipments of non-monetary gold.
