Australia reports Trade Surplus of AUD4,294 million in August, as both imports and exports drop
|According to the Preliminary August Trade Balance data published by the Australian Bureau of Statistics (ABS) on Friday, “while both exports and imports declined in August 2020 a goods trade surplus of $4,294m (original, current price, merchandise trade basis) has been recorded”.
Key details
“Exports of goods in August 2020 declined from the revised July 2020 estimate of $28,935m by $616m (-2%) to $28,319m.”
“Imports of goods in August 2020 declined from the revised July 2020 estimate of $25,811m by $1,785m (-7%) to $24,026m.”
“From July to August 2020 imports from China decreased, down $1,007m (-13%) to $6,647m, with declines across a broad range of commodities.“
Market reaction
The aussie dollar remains unfazed by the trade figures, with AUD/USD keeping its recovery mode intact above 0.7050.
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