Australia exports of goods and services dropped -4% mom, or AUD -1604m, to AUD 35.74B in May. Imports dropped -6% mom, or AUD -1799m, to AUD 27.71B. Trade surplus rose 2% mom to AUD 8.03B, below expectation of AUD 9.0B.
The trade surplus is seen as remaining elevated and has some how been lifted by the impacts of the coronavirus pandemic. Though, the down trend in both imports and exports showed sluggish domestic and external demands.