Australia Trade Surplus Declines In May

(RTTNews) - Australia's trade surplus declined in May as the growth in imports exceeded the increase in exports, official data showed on Thursday.

The trade surplus fell to A$5.77 billion in May from A$6.03 billion in April, the Australian Bureau of Statistics said. The surplus was expected to fall to A$6.2 billion. In the same period last year, the trade balance posted a surplus of A$10.79 billion.

Exports posted a monthly growth of 2.8 percent driven by shipment of metal ores and minerals. At the same time, imports advanced 3.9 percent underpinned by fuels and lubricants.