July’s trade deficit, or the value of the goods Australia imports less the value exported, was reduced by $0.6bn from the $3.1bn recorded in June. The figure was lower than the expected figure of $3.0bn, especially so when the result came so soon after the surprisingly large deficit for the June quarter. Exports were up 2.3% for the month while imports were flat. Exports of gold surged, while iron ore and coal exports receipts fell. Westpac described the result as “still sizable” but expects net exports for the full September quarter to add to GDP growth as the volume reduction seen in the June quarter is reversed.