Australia’s trade surplus widened to 11,027M MoM in February versus 11,500M expected and 10,743M in the previous reading, according to the latest Aussie foreign trade data published by the Australian Bureau of Statistics on Thursday.
Further details reveal that Australia’s December Goods/Services Exports reprint 1.6% figures on a monthly basis versus 1.8% prior. The nation’s Goods/Services Imports grew 1.3% in February MoM versus 4.8% prior.
At the press time, the AUD/USD pair is up 0.03% on the day to trade at 0.6567.
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.
