Investing.com-- Australia’s trade surplus widened sharply in February, supported by a surge in exports and a decline in imports, official data showed on Thursday.
The seasonally adjusted trade balance rose to A$5.69 billion ($3.94 billion), well above market expectations of A$2.81 billion and more than double January’s revised A$2.26 billion surplus, data from the Australian Bureau of Statistics showed.
Exports climbed 4.9% month-on-month, rebounding from a 1.6% decline in January, driven largely by a sharp increase in non-monetary gold shipments.
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The ABS said gold exports rose nearly 30% over the month, accounting for a significant portion of the overall gain.
Imports, meanwhile, fell 3.2% in February, reversing a 1.0% rise in the prior month. The decline was also led by non-monetary gold, alongside a drop in capital goods imports.
Despite the strong headline figures, export volumes for key commodities remained weak. Iron ore and coal shipments declined over the month, while liquefied natural gas exports also fell, pointing to softer underlying demand conditions.
The ABS noted that February data had not yet been impacted by the Middle East conflict, with any potential effects expected to appear in March figures.