Australian retail sales suffered a historic plunge in April while the trade surplus narrowed as the coronavirus battered the economy, leaving the nation facing its worst ever contraction in the current quarter.
FILE PHOTO - A woman looks on her smartphone in a closed business at a mall following the implementation of stricter social-distancing and self-isolation rules to limit the spread of the coronavirus disease in Sydney, Australia, March 31, 2020. REUTERS/Loren Elliott
On the import side the biggest swing was in tourism as globe-trotting Australians were barred from going abroad due to the pandemic. The net result was that the country’s trade surplus narrowed 16% to A$8.8 billion in April, but still handily beat forecasts of A$7.5 billion.
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