June’s surplus defied forecasts of an AUD 1.1 billion deficit after May’s revised AUD 2.37 billion shortfall.
Australia recorded a trade surplus of AUD 1.93 billion in June, reversing a downwardly revised AUD 2.37 billion deficit in May. The turnaround exceeded market expectations of an AUD 1.1 billion deficit, driven by a 9.6% surge in export volumes.
Analysts had anticipated a continued deficit following May’s sharp contraction. The June rebound marks the first surplus in three months, contrasting with a AUD 1.2 billion surplus in the same period last year.
No immediate market reaction was reported in the release.