According to the latest Aussie foreign trade data published by the Australian Bureau of Statistics, Australia’s trade surplus shrinks to 8,039M versus 10,000 expected and 11,321M prior.
Further details reveal that Australia July Goods/Services Exports reprint -2.0% figures on a monthly basis.
That said, the country’s July Goods/Services Imports rose 3% MoM vs. -4.0% booked in June.
AUD/USD remains pressured
AUD/USD remains on the back foot around 0.6380 while fading the late Wednesday’s corrective bounce off the yearly low.
Also read: AUD/USD stays defensive near yearly low beneath 0.6400, Australia/China trade data, RBA’s Lowe eyed
About Australia Trade Balance
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.
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