Australia’s International Trade Surplus Narrows in July 2023

Australia’s international trade surplus experienced a decrease of $2,229 million in July 2023, according to seasonally adjusted figures released by the Australian Bureau of Statistics (ABS).

Key Statistics for July 2023:

  • The seasonally adjusted balance on goods and services surplus stood at $8,039 million, marking a decrease of $2,229 million from the surplus recorded in June 2023.
  • Goods and services credits (exports) fell by $1,096 million (2.0%), primarily driven by a decline in non-monetary gold exports.
  • Goods and services debits (imports) rose by $1,134 million (2.5%), with an increase in imports of non-industrial transport equipment.

The ABS also announced the cessation of monthly International Trade in Services statistics in this monthly publication from the September 2023 reference month. However, International Trade in Services data will continue to be available quarterly in the Balance of Payments and International Investment Position, Australia publication.

Trade Overview:

  • The balance on goods and services surplus, in seasonally adjusted terms, was $8,039 million in July 2023, marking a decrease of $2,229 million from the June 2023 surplus.

Goods Credits (Exports):

  • Total goods credits amounted to $44,590 million, reflecting a decrease of $997 million (2.2%).
  • Notable changes include a 7.7% increase in rural goods exports, while non-monetary gold exports experienced a significant decline of 31.9%.

Services Credits (Exports):

  • Total services credits were $9,333 million, showing a minor decrease of $98 million (1.0%).
  • Tourism-related services credits declined by 1.7% to $5,942 million.

Goods Debits (Imports):

  • Total goods debits reached $36,066 million, indicating an increase of $1,005 million (2.9%).
  • The consumption goods category witnessed a notable rise of 6.9%.

Services Debits (Imports):

  • Total services debits were $9,819 million, reflecting an increase of $129 million (1.3%).
  • Tourism-related services debits increased by 3.0% to $4,564 million.

The ABS will provide more detailed information about these changes as part of the August 2023 reference month release.