Australia’s goods exports fell 0.9% mom to a five-month low of AUD 44.06 billion in January 2026, reversing a marginally revised 0.9% increase in the previous month. Non-rural shipments declined 1.7% to AUD 31.28 billion, dragged down by lower sales of coal, coke and briquettes (-4.4%), likely due to softer external demand and price fluctuations. Shipments of other manufactures (-2.2%) and machinery (-2.2%) also eased, pointing to subdued industrial activity abroad. Meanwhile, metal ores and minerals slipped 1.5%, possibly reflecting moderation in demand from some trading partners. Rural exports dropped 5.2% to AUD 6.65 billion, weighed by sharp falls in other rural goods (-10.2%) and meat and meat preparations (-9.5%), which may have been affected by seasonal supply factors and weaker buying interest. In contrast, non-monetary gold exports jumped 9.0% to AUD 6.08 billion, supported by stronger global demand for safe-haven assets and favorable price movements.