Australia’s trade surplus narrowed to AUD 1.93 billion in July 2026 from an upwardly revised AUD 2.34 billion surplus in the previous month, but surpassed market expectations of an AUD 1.40 billion deficit, as exports fell more than imports. Meanwhile, imports fell 2.5% month-on-month to AUD 44.34 billion, reversing an upwardly revised 0.7% drop in June, mainly due to lower imports of fuel and lubricants amid weak domestic demand. Exports dropped 3.3% month-on-month to AUD 46.26 billion in July, reversing a downwardly revised 9.1% surge in June. The decline was primarily driven by non-monetary gold.