In July, the trade surplus narrowed to $7.3bn, off the record high of $8.0bn in June. This was about mid-way between market expectations and our view (market median $7.0bn and Westpac $7.8bn). Exports: moved higher, +0.6% (+$0.3bn) v’s a forecast 1.0% Imports: rebounded, up 2.9% vs a forecast 1.8% Export detail was mixed for July. Gold jumped, up $1.1bn to $2.7bn, against the backdrop of historically high prices. Fuels rose by $0.2bn, supported by rising LNG volumes as new capacity comes on stream. Other resources eased back in the month: metal ores, -$0.1bn (despite the higher spot price in the month); coal, ... (full story)