Trade surplus eases in April

Australia’s trade surplus eased in April to a seasonally adjusted $8.8 billion amid widespread restrictions to check the spread of coronavirus.

The result was better than market expectations for a surplus of about $7.5 billion and comes after the trade surplus more than doubled in March to a record $10.6 billion.

Exports of goods and services dropped 11 per cent to $37.5 billion, the Australian Bureau of Statistics said on Thursday.

The fall was mainly on account of lower exports of iron ore and coal, natural gas and machinery.

Imports were down 10 per cent to $28.7 billion.

This was mainly on account of lower demand for gold, fuels and lubricants and services.

The Australian dollar was unaffected, trading nearly unchanged at 68.99 US cents after the data release.

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