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Australia and Korea Defy Export Slowdown Fears
By: Gustian Farrow, Head of StoneX TV • Content Channels
Australia and Korea Defy Export Slowdown Fears
FOREX.com APAC Market Analyst David Scutt examines the latest Australian and South Korean trade figures, revealing why both countries outperformed expectations.
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Key Takeaways
- Australian trade surplus widened to A$6.9 bn on an 8.6 % jump in exports driven by minerals
- South Korean exports rose 3.7 % YoY, with chips offsetting weaker autos and computer equipment
- Export destinations are shifting: Australia’s mineral sales snapped back to China, while Korea posted record exports to the EU
Surprising Strength in Australian Trade
“It was a big uplift in exports that drove the widening in the surplus”. March’s goods surplus ballooned to A$6.9 bn, the highest in a year and well above expectations. Imports eased slightly after record highs, tempering the overall trade balance.
Iron Ore, Coal and LNG Exports Rise
You can “see there an 8.6 % month on month increase… to $33.8 bn for the month” comments Scutt. Iron-ore exports rebounded nearly 12 % to A$14.5 bn as February’s Cyclone Celia disruptions cleared. Coal added A$0.55 bn and LNG A$0.27 bn, confirming commodities as the surplus engine.
Destination Shifts: China, US and Beyond
Mineral exports “clearly [went] to China with a big snapback”, but the United States became Australia’s second-largest buyer, surpassing Japan, “likely to be [a] temporary increase ahead of tariffs”. Shipments to Korea and India also ticked higher, underscoring diversified demand.
Korea’s Export Resilience and Rebalancing
South Korea’s April trade surplus held near $4.8 bn as imports fell 2.7 % YoY. “We saw a 3.7 % year on year increase in values… the highest level in four months”. US-bound exports dropped 6.8 %, but sales to China grew 3.9 % and to the EU a striking 18.4 % to a record $6.7 bn. Chips and smartphones offset declines in autos and computer equipment, illustrating demand rotation across sectors and markets.
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---- Written by Gus Farrow
---- Expert: David Scutt, FOREX.com APAC Market Analyst
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