Australian trade balance improved in February to a record surplus, as the monthly trade balance improved to a surplus of AUD4,801m in February, notes the research team at ANZ.
Key Quotes
“Underlying this was a 1% fall in imports, while exports were broadly flat in the month.”
“Resource exports rose 11.4% in the month, as an 11.1% increase in metal ores and minerals offset a 12.7% decline in coal. Rural goods fell 1.1%, led by 6.1% declines in both cereals and wool. Manufacturing exports fell 3.2%, due to a 27% fall in transport equipment. Service exports rose 1.7% as travel increased 2.2%.”
“Imports intermediate and other merchandise goods fell 4% m/m, largely due to a 10.7% decline in fuel imports. Imports of capital goods declined 2.3% m/m as telecommunications equipment fell 6.2% and civil aircraft declined 19.3%. Consumption goods imports rose 0.1%, despite an 18.4% surge in car imports. Service imports rose 2.8%, reflecting a 4.4% rise in travel.”
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