Australia reports Trade Surplus of AUD4,294 million in August, as both imports and exports drop

According to the Preliminary August Trade Balance data published by the Australian Bureau of Statistics (ABS) on Friday, “while both exports and imports declined in August 2020 a goods trade surplus of $4,294m (original, current price, merchandise trade basis) has been recorded”.

Key details

“Exports of goods in August 2020 declined from the revised July 2020 estimate of $28,935m by $616m (-2%) to $28,319m.”

“Imports of goods in August 2020 declined from the revised July 2020 estimate of $25,811m by $1,785m (-7%) to $24,026m.”

“From July to August 2020 imports from China decreased, down $1,007m (-13%) to $6,647m, with declines across a broad range of commodities.“