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Australia’s goods trade surplus widened to AUD 7.31 billion in July 2025, up from AUD 5.37 billion in June and well above market expectations of AUD 5.0 billion. This marked the largest surplus since February 2024, driven by rising exports and falling imports. Exports rose by 3.3% month-over-month to a 21-month high of AUD 46.02 billion, following an upwardly revised 6.3% increase in June, mainly supported by a rise in non-rural exports. Shipments to the U.S. surged by 126.1% month-over-month, amid front-loading ahead of new US tariffs taking effect. By contrast, exports to China — Australia’s top trading partner — declined by 13.6%. Meanwhile, imports fell by 1.3% to a three-month low of AUD 38.71 billion, following a 3.1% drop in June, with the latest decline mainly due to weaker demand for non-monetary gold.