Australia's trade balance for August shows deficit of 2.01bn

Australia's trade balance for August came at a deficit of 2010m vs -2300m expected, with both exports and imports unchanged at 0%. The data is rather neutral for the interest of the Australian Dollar.

AUGUST KEY POINTS

BALANCE ON GOODS AND SERVICES: In trend terms, the balance on goods and services was a deficit of $2,239m in August 2016, an increase of $8m on the deficit in July 2016. In seasonally adjusted terms, the balance on goods and services was a deficit of $2,010m in August 2016, a decrease of $111m (5%) on the deficit in July 2016.

CREDITS (EXPORTS OF GOODS AND SERVICES) : In seasonally adjusted terms, goods and services credits rose $10m to $26,856m. Non-rural goods rose $406m (3%) and rural goods rose $36m (1%). Non-monetary gold fell $521m (22%). Net exports of goods under merchanting remained steady at $47m. Services credits rose $90m (1%).

DEBITS (IMPORTS OF GOODS AND SERVICES) : In seasonally adjusted terms, goods and services debits fell $101m to $28,866m. Intermediate and other merchandise goods fell $295m (3%), capital goods fell $76m (1%) and consumption goods fell $16m. Non-monetary gold rose $218m (42%). Services debits rose $68m (1%).