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Australia’s goods trade surplus widened to AUD 4.39 billion in October 2025, up from a downwardly revised AUD 3.71 billion in September and surpassing market expectations of AUD 4.2 billion. It marked the largest trade surplus since July, as exports rose more than imports. Exports grew 3.4% mom to a two-year high of AUD 45.98 billion in October, following a downwardly revised 7.6% increase in September, largely driven by a 14.2% rise in non-monetary gold shipments to AUD 6.10 billion, after a 62.2% surge in the previous month. Among trading partners, exports increased to South Korea (39.1%), India (70.6%), and Japan (10.9%), while exports to the United States fell 18.5% due to the impact of newly imposed tariffs. Shipments to China, Australia’s top trading partner, also declined by 2.2%. On the imports side, inbound shipments climbed 2.0% to a record AUD 41.59 billion, following an upwardly revised 1.8% rise in September, amid robust domestic demand ahead of the festive season.