The Australian Bureau of Statistics today released Australia’s trade balance data for the month of February. The trade balance has decreased sharply to 7,457 million Australian dollars, from 11,786 million in the previous month and below the increase to 12,000 million pevis.
The country’s exports have remained at 0% month-on-monthcompared to the 6% increase registered the previous month.
On the other hand, imports are up sharply 12% in the month, versus a 2% decline seen the previous month and the expected 2% increase.
About trade balance
This index published by the Australian Bureau of Statistics shows the difference between exports and imports of Australian goods. Exports can provide a reflection of the growth of the Australian economy, while imports indicate the state of domestic consumption. Thus, the trade balance offers an advance reading of the net status of exports and the domestic market. A positive reading is seen as bullish for the Australian dollar, while a negative figure is bearish for the currency.
Source: Fx Street
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