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Australia’s goods trade surplus narrowed to AUD 2.94 billion in November 2025, down from a downwardly revised AUD 4.35 billion in October and below market expectations of AUD 4.9 billion. It marked the smallest trade surplus since August, as exports fell while imports rose. Exports dropped 2.9% month-on-month to AUD 44.57 billion in November, following a downwardly revised 2.8% increase in October, largely weighed down by metal ores and minerals. Among trading partners, exports declined to South Korea (-9.4%), India (-41.5%), and Japan (-1.5%), while exports to the United States fell 10.5% due to the impact of newly imposed tariffs. Shipments to China, Australia’s top trading partner, also dropped by 0.5%. On the imports side, inbound shipments edged up 0.2% to a record AUD 41.64 billion, following an upwardly revised 2.4% rise in October, driven by processed industrial supplies n.e.s, highlighting resilient domestic demand ahead of the year-end holidays.