Australia’s goods trade surplus fell to AUD 2.63 billion in January 2026 from AUD 3.37 billion in the previous month, missing market expectations of a AUD 3.9 billion surplus. The weaker outcome was driven by softer exports and a rebound in imports. Sales slipped 0.9% month-on-month to a five-month low of AUD 44.06 billion, reversing a marginally revised 0.9% rise in December. The decline was largely weighed down by lower shipments of other rural goods, likely reflecting seasonal factors and weker global demand. Meanwhile, imports rose 0.8% to AUD 41.43 billion, recovering from a revised 1.8% drop in the prior month. The increase suggests firmer domestic demand and restocking activity at the start of the year, contributing to the narrower trade surplus.