June trade balance swung to a $1.929bn surplus, far exceeding the $1.1bn deficit analysts predicted.
Australia recorded a $1.929bn trade surplus in June, reversing expectations of a $1.1bn deficit. The surprise result followed a sharp rebound in exports and a decline in imports.
Exports surged 9.6% month-on-month, recovering from a 6.9% drop in May. Imports fell 0.2% after rising 2.6% in the prior month. The previous trade balance stood at a $2.367bn deficit.
The data reflects stronger-than-expected demand for Australian commodities and a pullback in domestic spending.