Australia retail sales dropped -17.7% mom, more than double of March’s pre-lockdown surge of 8.5% mom. “COVID-19 continued to affect retail trade in April with many retail businesses closing their physical stores during April due to restrictions relating to social distancing” said Ben James, Director of Quarterly Economy Wide Surveys. “There were record falls in cafes, restaurants and takeaway food services (-35.4%), and clothing, footwear and personal accessory retailing (-53.6%), as well as a large fall in department stores (-14.9%).”
In April, in seasonally adjusted terms, exports of goods and services dropped -11% mom to AUD 37.5B. Imports of goods and services dropped -10% mom to AUD 28.7B. Trade surplus narrowed by -16% mom to AUD 8.8B.
