Australia's trade surplus narrowed to AUD 7.27 billion in July 2019 from a downwardly revised AUD 7.98 billion in the previous month and below market estimates of a AUD 7.4 billion surplus. Imports increased 3 percent from a month earlier to AUD 35.27 billion, while exports grew at a softer 1 percent to AUD 42.54 billion. Considering the first seven months of 2019, the trade surplus soared to AUD 41.47 billion from AUD 9.18 billion in the corresponding period the prior year. Balance of Trade in Australia averaged -423.62 AUD Million from 1971 until 2019, reaching an all time high of 7977 AUD Million in June of 2019 and a record low of -4286 AUD Million in April of 2015.
Balance of Trade in Australia is expected to be 3100.00 AUD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Australia to stand at 2000.00 in 12 months time. In the long-term, the Australia Balance of Trade is projected to trend around -500.00 AUD Million in 2020, according to our econometric models.