From 106.16 cents as Thursday closed, the Australian dollar was already trading at 106.28 cents last Friday which evidently showed a rise for the currency.

However, in the official figures that were released today, Australian exports revealed a drop of 8 percent in February resulting to Australia being pushed for a deficit. This is the first time to happen ever in a year. This first trade deficit may weaken the growth of the economy according to economists.

A $673 million deficit in January on the balance of goods and services was shown. The forecast of economists were around $1.4 billion in surplus in January.

According to the Australian Bureau of Statistics (ABS), while the exports in January were down by 8 percent in adjusted terms, the imports were also down by 1 percent.

According to Brian Redican, Macquarie Senior Economist, weak reports indicate how difficulties experienced in the resources sector can cause wider effects.

"It does raise questions about our over-reliance on the mining sector and high commodity prices. So, as we found this time last year, when you do have bad weather, it can have a big impact on these very heavily-concentrated operations,” he said.

Mr. Redican also noted that setting the scene for a fairly weak Gross Domestic Product (GDP) was the trade data.

"The decline in non-monetary gold is, obviously, a big part of it for the month, and that is volatile month on month,” Mr. Redican added.

Another economist, Paul Bloxham, who is also the chief economist of HSBC said that the deficit was a true surprise.

"It certainly fits the overall theme we've had from the data we've received over the last couple of days that the economy is growing at below trend. The Reserve Bank had been telling us in their latest statement that the economy was tracking at about trend, but we're getting a number of indicators coming in, including this data, which suggest it is growing at below trend,” he said.