Australia’s trade surplus narrowed to 10,959M MoM in January versus 10,510M expected and 11,437M in the previous reading, according to the latest Aussie foreign trade data published by the Australian Bureau of Statistics on Monday.
Further details reveal that Australia’s December Goods/Services Exports reprint 1.8% figures on a monthly basis versus 1.7% prior. The nation’s Goods/Services Imports grew 4.8% in December MoM versus 7.9% drop prior.
Market reaction
At the press time, the AUD/USD pair is down 0.27% on the day to trade at 0.6498.
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.
