Australia’s seasonally adjusted goods trade surplus narrowed to AUD 1.923 billion in July from a revised AUD 2.341 billion in June, still beating market expectations of AUD 1.3 billion to AUD 1.45 billion, the Australian Bureau of Statistics reported on September 3. Exports fell 3.3% month-on-month to AUD 46.261 billion, weighed down by a 26.1% plunge in non-monetary gold after June’s surge, a 4.3% drop in coal, and softer iron ore shipments tied to Asian demand, particularly from China. Imports decreased 2.5% to AUD 44.339 billion, a move led by a 12.3% decline in fuel and lubricants on lower oil prices, while non-industrial transport equipment rose 8.2% on automobile and data-center demand. The dual decline in exports and imports points to a softer backdrop for Australia’s resource-dependent economy, though the gold pullback is widely seen as a temporary adjustment and firmer imports of autos and data-center gear suggest corporate capital spending appetite remains intact. Intermediate and other merchandise imports had fallen sharply in the detailed breakdown, partly offset by higher capital and consumption goods, leaving the balance highly sensitive to commodity prices, the currency, China’s stimulus outlook, and global energy supply and demand.