Forex Pros – Australia's trade balance narrowed more-than-expected in July, official data showed on Thursday.
In a report, the Australian Bureau of Statistics said the trade balance, or difference between imported and exported goods and services, fell to AUD 1.89 billion in July, down from AUD 3.44 billion in June, whose figure was revised down from AUD 3.54 billion.
Economists had expected the trade balance to decline to AUD 3.11 billion in July.
Australia’s trade surplus narrowed as the value of imports rose 2.0% to AUD $23.5 billion in July, while the value of exports fell 4.0% to AUD 25.4 billion.
Following the release of the data, the Australian dollar was down against its U.S. counterpart, with AUD/USD shedding 0.27% to hit 0.9092.
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