Australia's trade surplus hits nine-year low as fuel imports surge

Australia recorded its lowest quarterly goods trade surplus since 2017, slipping to US$1.1 billion in the June quarter. The decline was driven by a sharp rise in fuel imports as the federal government rushed to secure cargoes amid the Middle East oil crisis. Imports from South Korea, Malaysia and Brunei rose by more than 60%, while Nigeria entered the market with almost US$600 million of imports.

Electric‑vehicle demand also surged, with battery EV sales more than doubling to 69,414 units and car imports up 28.2% as motorists turned to Chinese makers such as BYD. Meanwhile, imports of automated data‑processing equipment fell by over a quarter, signalling a slowdown in data‑centre investment. Gold exports jumped 60% in June, overtaking coal to become Australia’s second‑largest export and boosting the overall trade balance by US$4.3 billion for the month.