Australia: Strong trade surplus data - TDS

Analysts at TDS note that Australia’s trade surplus was above-market at A$825m in Feb.

Key Quotes

“Exports were flat while imports rose +0.4% (we looked for a small fall) in March. Our Q1 tracking suggests that the current account deficit looks to shrink from -3.1% to -2.6% of GDP via a pop in the terms of trade; and hence no net contribution to GDP from trade in the qtr. Our Q1 GDP tracking is +0.7%/q.”