Key facts
- Australia's balance on goods trade recorded a deficit of A$3.0 billion in May.
- This deficit is the largest shortfall observed since late 2015.
- Exports fell sharply in May.
- Declines in exports were particularly noted in gold and iron ore.
- Imports rose in May.
Australia's balance on goods trade experienced an unexpected deficit of A$3.0 billion in May. This figure represents the largest trade shortfall recorded since late 2015, indicating a significant deterioration in the country's trade performance for the month. The widening deficit is attributed to a sharp decrease in the value of exports. Key export commodities that saw declines include gold and iron ore. Concurrently, the value of imports rose during the same period. This combination of falling exports and rising imports led to the unexpected swing into a trade deficit.