Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Australia trade balance grows slightly less than expected in Jan

Published 07/03/2024, 11:46 am
© Reuters.
AUD/USD
-
AXJO
-

Investing.com-- Australia’s trade balance grew slightly less than expected in January, as growth in the country’s exports cooled amid slowing demand for its biggest commodity shipments, while imports remained steady. 

The trade balance grew to a surplus of A$11.03 billion ($7.2 billion), data from the Australian Bureau of Statistics showed on Thursday. The figure was slightly below expectations for a surplus of A$11.42 billion, but increased from a revised A$10.74 billion surplus seen in December. 

The higher trade balance was driven chiefly by a 1.6% month-on-month increase in exports through January, to A$47.51 billion. 

But exports of non-rural goods, which include metal ores, coal and mineral fuels, fell 0.5% during the month. 

Strong exports, especially of metals and other commodities to Asia, have kept Australia’s trade surplus comfortably high in recent months. Strong export contribution also helped keep fourth-quarter gross domestic product in expansion territory.

But doubts over slowing export demand have risen in recent months, especially as China, Australia’s biggest market, grapples with a sluggish economic recovery. 

Weak imports also factored into a bigger trade surplus, as high interest rates and inflation kept local demand largely subdued. 

Imports grew 1.3% month-on-month in January, easing sharply from the 4.8% growth seen in the prior month. But they remained pinned around A$30 billion.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.