Australia's trade surplus narrowed less than expected in February

Australia's trade surplus in February narrowed to AUD 825 million from the downwardly revised January surplus of AUD 952 million (from UD1055 million), according to Australian Bureau of Statistics (ABS). Also, the February surplus was bigger than the expected print of AUD 725 million. 

February Key Points (Source: ABS)

Balance on goods and services

• In trend terms, the balance on goods and services was a surplus of $262m in February 2018, an increase of $62m on the surplus in January 2018.
• In seasonally adjusted terms, the balance on goods and services was a surplus of $825m in February 2018, a decrease of $127m on the surplus in January 2018.

Credits (exports of goods and services) 

• In seasonally adjusted terms, goods and services credits rose $2m to $34,229m. Rural goods rose $552m (17%). Non-monetary gold fell $505m (23%) and non-rural goods fell $90m. Net exports of goods under merchanting remained steady at $7m. Services credits rose $45m (1%).

Debits (imports of goods and services)

• In seasonally adjusted terms, goods and services debits rose $130m to $33,405m. Consumption goods rose $547m (7%), non-monetary gold rose $70m (17%) and capital goods rose $60m (1%). Intermediate and other merchandise goods fell $657m (6%). Services debits rose $110m (1%).