Article courtesy of Bloomberg & the West Australian.
Australia’s monthly trade surplus narrowed in July as exports of natural resources such as gold, coal and iron ore fell while imports climbed.
The windfall was $8 billion compared with estimates for a $10b gain.
It follows a downwardly revised $10.3b in June, Australian Bureau of Statistics data showed on Thursday. Overall exports declined 2 per cent while imports advanced 3 per cent in the month.
Thursday’s data showed metal ores and minerals, which includes iron ore, edged down 0.7 per cent, while coal, coke and briquettes slipped 3.1 per cent.
Other mineral fuels, which includes liquefied natural gas, declined 3.2 per cent.
Australia has posted monthly trade surpluses since January 2018 underpinned by sales of iron ore and natural gas to the rising economies of the Asia-Pacific region.
The export windfall will help the Budget return to an annual surplus for the first time in 15 years.
Demand for Australian goods has been driven by top trading partner China with its strong appetite for iron ore and coal.
Trade in some other commodities, such as barely, resumed recently after tensions eased between Beijing and Canberra after a political dispute.