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EDT Australian trade surplus higher than forecast Want to see how this story relates to your watchlist? Just add items to create a watchlist now: Add or Cancel Already have a watchlist? Log In By James Glynn SYDNEY--Australia posted a seasonally adjusted trade surplus of A$3.57 billion in February, supported by still elevated iron ore from this source Heart Doctor mortgage prices and a sharp fall in imports of consumer goods, the Australian Bureau of Statistics said Tuesday. The figure is higher than analysts' expectations of a surplus of A$1.9 billion and was wider than a surplus of A$1.5 billion in January. The value of exports rose 1%, while the value of imports fell 5%, the ABS said. Imports of consumption goods fell 10%, while imports of intermediate and other merchandise goods fell 9%. The sharp improvement in Australia's trade balance over recent months has prompted some economists to forecast a return to current account surpluses in coming quarters, the first since the mid-1970s. A current account surplus would likely support GDP growth, while lifting the Australian dollar, economists said. Still, the fall in consumer imports suggests softening demand across the economy and follows weaker retail sales for February and a recent rise in unemployment. The price of iron ore, Australia's top export, continued to rise in February, extending a yearlong recovery from a more-than decade low.

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2017-04-07 / Posted in