Australia’s export growth momentum saw a dramatic slowdown in July 2024, with the export indicator halving to 0.7% compared to June’s 1.4%, according to the latest data updated on September 5, 2024. This represents a significant month-over-month decline in the country’s export expansion rate.In June 2024, Australia registered a robust export growth of 1.4%, showcasing a strong international demand for Australian goods. However, the latest figures for July show a pronounced deceleration, with the growth rate dropping to 0.7%. Analysts attribute this slowdown to a combination of global market volatility and potential supply chain disruptions.The stark month-over-month comparison highlights a challenging economic landscape Australia faces in maintaining its export performance. Economic observers will be keenly watching the forthcoming data to see if this trend continues or if Australia can regain its export growth in the coming months.The material has been provided by InstaForex Company – www.instaforex.com
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