According to data released on Thursday by the Australian Bureau of Statistics, the surplus on trade goods in Australia increased in January due to a boost in exports of farm products and gold, which offset the growth in vehicle imports.
The balance on goods widened to AUD 11.03 billion in January, up from AUD 10.74 billion in December, and just below market expectations of AUD 11.5 billion. Exports increased by 1.6%, partly driven by a rise in non-monetary gold shipments, while imports rose by 1.3%, led by cars and telecoms equipment.