FLAU - Australia's trade surplus below forecasts in May as imports grow faster than exports
2024-07-04 01:41:54 ET
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Australia's trade surplus on goods narrowed to AUD 5.77 billion in May 2024 from a downwardly revised AUD 6.03 billion in the previous month, below market expectations of AUD 6.68 billion, as exports grew less than imports.
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Exports of goods from Australia grew 2.8% from a month earlier to a three-month high of AUD 43.98 billion in May 2024, mainly boosted by metal ores and minerals.
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Imports of goods to Australia grew by 3.9% month-over-month to AUD 38.21 billion in May 2024. It was a reversal from a marginally revised 7.0% plunge in the previous month, with purchases rising for all components.
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