Australia Feb trade balance arrived as A$+4,361 mln, s/adj vs the Reuters poll: of A$+3,650 mln.
- Australia Feb goods/services exports -5 pct MoM, Seasonally adjusted.
- Australia Feb goods/services imports -4 pct MoM, seasonally adjusted.
Analysts at Westpac reminded ahead of the data that Australia imposed an effective ban on arrivals from mainland China on 1 February, dealing a major blow to tourism and education exports which made for high uncertainty over this data.
The Australian Bureau of Statistics Full Report: Due to the impacts of COVID-19 on international trade in goods and services, the trend series have been suspended as at February 2020. In seasonally adjusted terms, the balance on goods and services was a surplus of $4,361m in February 2020, a decrease of $384m on the surplus in January 2020.
In seasonally adjusted terms, goods and services credits fell $1,882m (5%) to $37,760m. Non-rural goods fell $394m (2%), non-monetary gold fell $332m (23%) and rural goods fell $310m (7%). Net exports of goods under merchanting remained steady at $18m. Services credits fell $846m (10%).
The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD. Review Alex Nekritin's Article - Trading the Aussie with Australia Trade Balance
COVID-19 cases slowing, RBA up next
The signs that the tides are turning with a slowing in new cases is giving a boost to commodity-FX as we await the Reserve Bank of Australia today.
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