aerial photo of cargo ship near intermodal containers

Australia’s trade surplus falls due to lower iron ore and coal exports

According to the Australian Bureau of Statistics, Australia’s trade surplus fell more than expected in July. Exports of iron ore and coal have slowed after the last surge.

Australia’s surplus in trade in goods and services was A$8.7 billion ($5.66 billion), down from a surplus of A$17.1 billion in June.

Exports fell 9.9% as iron ore and coal exports fell 15% and 17%, respectively, while imports rose 5.2% as Australians bought more cars and clothing and traveled abroad.

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