Australia’s goods trade surplus widened to AUD 3.37 billion in December 2025, up from a downwardly revised AUD 2.60 billion in November and slightly above market expectations of AUD 3.3 billion, as exports grew while imports fell. Exports rose 1.0% month-on-month to AUD 44.63 billion in December, rebounding from an upwardly revised 4.0% drop in November, largely driven by metal ores and minerals. Shipments to China, Australia’s top trading partner, surged by 14.9%, rebounding sharply from a 1.5% drop in November. Exports also increased to the UK (13.9%), Japan (6.8%), South Korea (1.3%), India (0.5%), and the US (8.8%), despite the imposition of new tariffs. In contrast, imports fell 0.8% to a three-month low of AUD 41.26 billion, steeper than the previously downwardly revised 0.2% decline, amid weaker domestic demand, mainly weighed down by other merchandise goods.