Report published September 3, 2026
Goldman Sachs: Australia Goods Trade Surplus Narrows in July 2026
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 3, 2026
- Analysis as of
- Not stated in source
Authors / editors: Andrew Boak, Will Maher, Oscar To
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Australia's goods trade surplus narrowed by A$0.4bn to A$1.9bn in July 2026, slightly beating Goldman Sachs and Bloomberg consensus estimates of A$1.5bn. The result was driven by a 3.3% decline in export values led by falling gold shipments, alongside a 2.5% drop in import values driven by lower fuel purchases.
Key Takeaways
- 1.Australia's goods trade surplus narrowed by A$0.4bn to A$1.9bn in July, modestly exceeding consensus and GS estimates of A$1.5bn.
- 2.Goods export values fell 3.3% month-over-month due to a 23.6% decline in net non-monetary gold exports, which outweighed a 5.8% gain in rural goods exports led by cereal grains.
- 3.Goods import values fell 2.5% month-over-month as lower intermediate goods and fuel imports offset rebounds in capital goods—specifically data centre-related ADP equipment—and consumption goods.
Table of Contents
- Key numbers:
- Main points:
- The Australia and NZ Economics Team
- Disclosure Appendix
Report data
Exhibit 1: Australia's goods trade balance remained in surplus in July
| Metric | Estimate | Context |
|---|---|---|
| Goods Trade Balance | 1.9 A$ billions | Reported goods trade surplus for July 2026 against GSe and Bloomberg consensus of +A$1.5bn |
| Goods Export Values | -3.3% | Month-over-month change in total goods export values |
| Net Non-Monetary Gold Exports | -23.6% | Month-over-month decline in net gold export values |
| Rural Goods Export Values | 5.8% | Month-over-month increase in rural goods exports |
| Goods Import Values | -2.5% | Month-over-month change in total goods import values |
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Authors / Editors
Reported Data Context
- Goods Trade Balance: 1.9 A$ billions (2026-07) · Source: ABS
- Goods Export Values: -3.3 % (2026-07) · Source: ABS
- Net Non-Monetary Gold Exports: -23.6 % (2026-07) · Source: ABS
- Rural Goods Export Values: 5.8 % (2026-07) · Source: ABS
- Goods Import Values: -2.5 % (2026-07) · Source: ABS
Themes
Regions
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