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Australia's trade surplus in goods narrowed to AUD 5.41 billion in April 2025, down from a marginally revised AUD 6.89 billion in the previous month and below market expectations of AUD 5.90 billion, as exports fell while imports rose. Exports dropped 2.4% from the previous month to AUD 44.08 billion, reversing a downwardly revised 7.2% increase in March, as shipments to the US were dampened by Trump’s tariffs, plunging 57.6%. By contrast, shipments to Australia’s top trading partner, China, edged up by 0.5%. On the commodity side, exports declined for non-rural goods (-2.1%) and non-monetary gold (-17.6%). Meanwhile, imports grew by 1.1% to AUD 38.66 billion, rebounding from an upwardly revised 2.4% decline in the previous month, driven by increases in capital and consumption goods.