Australia trade swings to $2.1 billion deficit in May, largest since 2015

SYDNEY - Australia's balance on goods trade in May unexpectedly swung to the largest deficit in over a decade, data showed on Thursday, as exports of gold and iron ore fell sharply.

The Australian Bureau of Statistics reported the balance on goods recorded a deficit of A$3.0 billion ($2.07 billion) in May, compared to a surplus of A$1.4 billion in April. That was far under forecasts of an A$2.2 billion surplus and the biggest shortfall since late 2015.

Exports dived 6.9%, after a big jump in April, as non-monetary gold slid 35% and iron ore dropped 9%. Imports climbed 2.6%, led by cars, aircraft and telecoms.

($1 = 1.4510 Australian dollars)

(Reporting by Wayne Cole; Editing by Muralikumar Anantharaman)

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This story was originally published July 1, 2026 at 8:47 PM.