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Australia’s trade surplus plummeted to its lowest level in over four years in February, as a sharp drop in exports and a rise in imports dealt a double blow to the country’s trade performance. The trade balance came in at A$2.97 billion, missing market forecasts of A$5.38 billion and falling from A$5.16 billion in January, according to data released by the Australian Bureau of Statistics.
The decline marks the weakest monthly trade surplus since August 2020, underscoring mounting pressures on Australia’s export sector. Total exports fell by 3.6% month-on-month, reversing a 0.8% increase in January. The drop was primarily driven by a sharp decline in non-monetary gold shipments, along with weaker demand for key commodities such as coal and metals.
China, Australia’s top trading partner, continued to show sluggish demand due to ongoing tensions with the U.S. and broader economic uncertainty, further weighing on resource exports.
Meanwhile, imports rose by 1.6% in February, rebounding from a 0.4% drop in January. The increase was fueled by stronger demand for consumer goods like household electronics and leisure products, as well as a notable uptick in capital goods imports.
The widening gap between exports and imports highlights shifting trade dynamics, with domestic consumption recovering while external demand, particularly from China, remains fragile.
Australia’s narrowing trade surplus could add pressure to the country’s economic outlook, especially as global trade tensions persist and commodity prices fluctuate. Economists will be closely watching upcoming trade data for signs of stabilization or further weakness.
