Australia AiG Performance of Services Index dropped -11.6 pts to 27.1 in April. This was both the largest single monthly fall and the lowest result in the history of the series (commencing in 2003).
AiG said: “Activity restrictions in response to the COVID-19 pandemic have decimated large segments of Australia’s services industries. The Australian PSI® indicated contraction in all sectors in April (trend).
Also released, export of goods and services rose 15.0% mom to AUD 42.4B in March. Imports dropped -4.0% mom to 31.8B. Trade surplus widened sharply to 10.6B, well above expectation of AUD 6.4B.
