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Australia Trade Balance Swings to Deficit in May

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Australia's goods balance recorded a seasonally adjusted deficit of AU$3.02 billion in May, down from a surplus of AU$1.38 billion in April, according to data published by the Australian Bureau of Statistics on Thursday.

Goods exports fell 6.9%, or AU$3.22 billion, to AU$43.61 billion, driven by decreases in the non-monetary gold and metal ores and minerals.

Goods imports rose 2.6%, or AU$1.18 billion, to AU$46.63 billion, driven by increases in non-industrial transport equipment, civil aircraft, and confidentialized items.

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