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Australia’s trade surplus below forecasts in May as imports grow faster than exports

Australia's trade surplus on goods narrowed to AUD 5.77 billion in May 2024 from a downwardly revised AUD 6.03 billion in the previous month, below market expectations of AUD 6.68 billion

mirsad sarajlic Australia's trade surplus on goods narrowed to AUD 5.77 billion in May 2024 from a downwardly revised AUD 6.03 billion in the previous month, below market expectations of AUD 6.68 billion, as exports grew less than imports. Exports of goods from Australia grew 2.8% from a month earlier to a three-month high of AUD 43.98 billion in May 2024, mainly boosted by metal ores and minerals. Imports of goods to Australia grew by 3.9% month-over-month to AUD 38.21 billion in May 2024. It was a reversal from a marginally revised 7.0% plunge in the previous month, with purchases rising for all components. The S&P/ASX 200 Index jump 1.2% to around 7,835.6 on Thursday, extending gains from the previous session ETFs: (EWA), (FXA), (FLAU).

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