继4月份下调2.7%后，澳大利亚商品出口在2025年5月环比下降2.7%，至424.0亿澳元的三个月低点。这一下降主要是由于对美国的出口疲软，受到特朗普政府征收的关税的抑制。非农村商品出口下降2.4%，至318.8亿澳元，原因是煤炭、焦炭和煤球（-2.0%）、其他矿物燃料（-11.5%）、其他制成品（-3.5%）和其他非农村商品（-4.4%）以及承运人在港口采购的商品（-11.6%）的销售额下降。此外，受肉类和肉类制品（-15.7%）以及羊毛和羊皮（-16.5%）下滑的影响，农村商品的出货量下降了3.5%，至62.8亿澳元。与此同时，非货币黄金出口下降3.4%，至42.2亿澳元。

Australia’s goods exports fell by 2.7% month-over-month to a three-month low of AUD 42.40 billion in May 2025, following a downwardly revised 2.7% decline in April. The drop was largely driven by weaker shipments to the US, dampened by tariffs imposed under the Trump administration. Non-rural goods exports dropped 2.4% to AUD 31.88 billion, due to lower sales of coal, coke & briquettes (-2.0%), other mineral fuels (-11.5%), other manufactured goods (-3.5%), other non-rural (-4.4%), and goods procured in ports by carriers (-11.6%). Also, shipments of rural goods shrank by 3.5% to AUD 6.28 billion, weighed by slumps in meat & meat preparations (-15.7%) and wool and sheepskin (-16.5%). Meanwhile, exports of non-monetary gold fell 3.4% fall to AUD 4.22 billion.

2025年5月，澳大利亚的商品贸易顺差收窄至22.4亿澳元，大幅低于4月份向下修正的48.59亿澳元，远低于市场预期的50亿澳元。这是自2020年8月以来最小的贸易顺差，因为出口下降而进口增加。继4月份下调2.7%后，出口较上月下降2.7%，至424.0亿澳元的三个月低点，原因是特朗普的关税抑制了对美国的出口，下降了5.5%。与此同时，进口增长3.8%，达到401.6亿澳元的历史峰值，较4月份上调的1.6%有所加速。

Australia’s trade surplus in goods narrowed to AUD 2.24 billion in May 2025, down sharply from a downwardly revised AUD 4.859 billion in April and well below market expectations of AUD 5 billion. It was the smallest trade surplus since August 2020, as exports declined while imports increased. Exports fell 2.7% from the previous month to a three-month low of AUD 42.40 billion, following a downwardly revised 2.7% drop in April, as shipments to the US were dampened by Trump’s tariffs, declining 5.5%. Meanwhile, imports rose 3.8% to a record peak of AUD 40.16 billion, accelerating from an upwardly revised 1.6% rise in April.

2025年5月，澳大利亚的商品进口环比增长3.8%，达到401.6亿澳元的历史新高，高于上个月向上修正的1.6%的增长。这一激增是在美国总统特朗普暂停互惠关税90天的影响下发生的，这有助于促进贸易流动。消费品采购增长3.0%，达到129.8亿澳元，其中非工业运输（7.9%）、食品和饮料（主要用于消费）（5.1%）和消费品（0.4%）增长。此外，资本货物的抵达量增长了8.6%，达到102亿澳元，受资本货物非紧急出口（19.6%）、机械和工业设备（6.1%）以及工业运输设备非紧急进口（15.4%）的推动。中间产品和其他商品的采购额增长1.8%，达到154.9亿澳元，主要是燃料和润滑油（3.2%）、加工工业用品（2.6%）和运输设备零件（5.5%）。此外，非货币黄金进口增长0.2%，至14.9亿澳元左右。

Australia’s goods imports rose 3.8% month-over-month to a record high of AUD 40.16 billion in May 2025, accelerating from an upwardly revised 1.6% gain in the previous month. The surge came amid the impact of U.S. President Trump’s 90-day suspension of reciprocal tariffs, which helped boost trade flows. Purchases of consumption goods grew 3.0% to AUD 12.98 billion, lifted by non-industrial transport (7.9%), food and beverages, mainly for consumption (5.1%), and consumption goods n.e.s. (0.4%). Also, arrivals of capital goods jumped 8.6% to AUD 10.20 billion, buoyed by capital goods n.e.s (19.6%), machinery and industrial equipment (6.1%), and industrial transport equipment n.e.s. (15.4%). Purchases of intermediate and other merchandise goods added 1.8% to AUD 15.49 billion, mainly led by fuels and lubricants (3.2%), processed industrial supplies n.e.s (2.6%), and parts for transport equipment (5.5%). Further, imports of non-monetary gold went up 0.2% to around AUD 1.49 billion.

标准普尔/澳交所200指数周四下跌0.2%，至8580点左右，此前该指数在前一交易日收于历史新高，投资者谨慎等待澳大利亚最大贸易伙伴中国公布的5月贸易数据和服务业采购经理人指数。澳大利亚5月份的贸易平衡预计将显示每月50.9亿澳元的顺差，略低于4月份的54.1亿澳元，而中国6月份的财新服务业采购经理人指数预计将从5月份的51.1微降至51。这是因为市场权衡了特朗普总统的新关税威胁和美国领导的贸易紧张局势加剧。在最新的事态发展中，围绕着新的美越贸易协议的不确定性，而人们对将中国与关键供应链隔离开来的努力越来越担忧。在企业方面，主要银行和房地产股在获利回吐中领跌，如CBA（-1.7%）和Goodman（-1%）。相反，中国依赖出口的矿商继续上涨，上涨近3.5%，得益于中国数据的弹性和对美中潜在关税协议的乐观态度。

The S&P/ASX 200 fell 0.2% to around 8,580 on Thursday after closing at a record high in the previous session, as investors cautiously awaited Australia’s May trade figures and services PMI data from China, its top trading partner. Australia's May Trade Balance is expected to show a monthly surplus of AUD 5.09 billion, slightly below April’s AUD 5.41 billion, while China’s Caixin Services PMI for June is forecast to dip marginally to 51 from 51.1 in May. This comes as markets weighed renewed tariff threats from President Trump and rising US-led trade tensions. In the latest development, uncertainty surrounds the new US-Vietnam trade deal, while concerns grow over efforts to isolate China from key supply chains. On the corporate side, major banks and real estate stocks led losses amid profit-taking, such as CBA (-1.7%) and Goodman (-1%). Conversely, Chinese-export reliant miners extended gains, up nearly 3.5% amid resilient Chinese data and optimism over a potential US-China tariff deal.