Australian trade balance data for February 2023, a surplus of 13,870mn AUD
- expected 11,1000 mn
- prior 11,688mn
The big drop in imports will be read as a slump in domestic demand. Probably right too given other indicators are pointing towards the same thing. Reserve Bank of Australia rate hikes are biting (as they were intended to by the Bank, it knew it couldn't address supply issues so it moved to dampen demand). Both capital goods and consumer goods imports declined.
Exports are lower on the month, not really on stuff dug from the ground but rather on fewer Chinese tourists (tourism is a services export) ... recovery in China has been on the slow side.
