Australia's foreign trade balance posted a surplus of 5.77 billion Australian dollars ($3.9 billion) in May, the country's statistical bureau revealed on Thursday, news reports cited yesterday.
MIDF Research, today said, Australia's exports shrank by -7.1%yoy in May-24, 14-consecutive months of decline.
In terms of month-on-month basis, exports rebounded to expansion of +2.8%mom after three-consecutive months in contraction.
The exports expansion was underpinned by metal ores and minerals (+6.3%mom), other non-rural (+9.6%mom) and transport equipment (+7.2%mom).
Meanwhile, inbound shipment rose by +3.4%yoy (Apr-24: +10.6%yoy) and +3.9%mom (Apr-24: -7.0%mom).
With continued weakening of Australia's exports, trade surplus narrowed to AUD5.77b (Apr-24: AUD6.03b) which missed market expectations AUD6.68b.
Looking ahead, the Judo Bank Australia Manufacturing PMI signalled for further weakening of industrial activities and external trade as the latest figure recorded at 47.2 in Jun-24, 5-consecutive months in pessimism path, MIDF Research added.