This was primarily on account of a greater decline in imports relative to the fall in exports.
Australia's trade surplus on good increased by 35.3% month-on-month (MoM) to AUD 6,548 million in April 2024 from AUD 4,841 million in March 2024, data released by the Australian Bureau of Statistics showed.
Goods credits or exports from the country fell by AUD 1,130 million or 2.5% sequentially to AUD 43,320 million during the period under review, mainly dragged by metal ores and minerals.
As per media reports, Australias exports were hit by weakening commodity demand across the globe, chiefly in top market China, which is struggling with a sluggish economic recovery.
Goods debits or imports to Australia declined by AUD 2,837 million or 7.2% month-on-month to AUD 36,772 million in April 2024, mainly due to a contraction in the purchases of processed industrial supplies.
The reports further stated that weak business spending saw the import of capital goods decline sharply, while barring an increase in electronics and automobile imports, shipments of consumption goods also contracted.
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