The Australia trade balance deficit narrowed in August as it reached A$1524 million compared with a previous deficit of A$1556 million that was revised to A$1783 million, while it was forecasted to show a deficit of A$900 million.

The Australian trade balance deficit narrowed as imports fell 3% recording A$20.8 billion. Imports of oil declined by 24% in August, while imports of consumer goods declined by 6% as demand remains weak which led to falling imports.