Australia June Trade Surplus Widens to A$5.4 Billion on Export Rebound

Australia’s trade surplus widened sharply in June, reaching A$5.365 billion, well above the consensus estimate of A$3 billion and almost double May’s revised A$2.238 billion balance. The improvement was driven by a 6.0% month-on-month rebound in exports after a 2.7% decline the previous month, while imports fell 3.1% following a 3.8% rise in May. The stronger external position adds to evidence that trade is providing support to Australia’s economy amid uneven domestic demand.