Australia posted a seasonally adjusted trade surplus of A$2.1 billion in February, the Australian Bureau of Statistics said on Thursday, primarily due to the strong rise in goods and services credits, mainly in non-rural and other goods.
That was sharply higher than analyst expectations for a surplus of A$700 million following the revised A$926 million surplus in January. The original January figure reflected a surplus of A$970 million.
Imports were down 1 percent on month, falling to A$22.82 billion from A$22.96 billion in January. Consumption goods fell 13 percent, while intermediate and other merchandise goods fell 5 percent, other goods rose 43 percent, capital goods rose 7 percent and services debits fell 1 percent.
The components in consumption goods with the largest falls were non-industrial transport equipment, down 22 percent, while the consumption goods were down 8 percent. The rise in other goods was largely driven by the non-monetary gold component, up 79 percent.
Exports jumped 4 percent, climbing to A$24.93 billion from A$23.88 billion in the previous month. Other goods rose 49 percent, while rural goods rose 6 percent and services credits rose 1 percent. The rise in other goods was largely driven by the non-monetary gold component, which rose 55 percent.
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