Trade data for Australia in July 2025

Trade Balance +7310mn, smashing expectations

• expected 4,920mn
• prior 5,365mn

Exports (MoM) +3.3%, well ahed of the previous month

Imports (MoM) -1.3%, which is not encouraging. A strong economy should be sucking in imports.

The Australian Bureau of Statistics have also published the July household spending data, +0.5% m/m

• expected +0.5%, prior +0.5%
• The ABS just should have published ‘same old’, and there’s a productivity gain right there

+5.1% y/y

• expected +5.0%, prior +4.8%
• spending on services +8% y/y and on goods +2.7% y/y