SYDNEY, Sept 8 (Reuters) - Australia's trade surplus shrank by more than expected in July as exports of iron ore and coal cooled after a very strong run, while more Australians travelled and spent abroad.
Data from the Australian Bureau of Statistics out on Thursday showed the surplus on goods and services narrowed to A$8.7 billion ($5.66 billion), from June's A$17.1 billion and well under forecasts of $14.5 billion.
Exports fell a steep 9.9%, led by a 15% dive in iron ore and a 17% drop in coal. Imports jumped 5.2% as Australians bought more cars and clothes, while rushing abroad as coronavirus restrictions lapsed.
Reporting by Wayne Cole; Editing by Himani Sarkar
Our Standards: The Thomson Reuters Trust Principles.
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September 08, 2022 at 09:00AM
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Australian trade surplus shrinks sharply in July - Reuters.com
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