Trade deficit narrows
Australia’s seasonally-adjusted trade deficit has narrowed to $178 million in February, according to the latest data released by the Australian Bureau of Statistics (ABS).
The ABS report found that the total export of goods and services for the month hit $25.6 billion, representing a 3.3 per cent jump. Imports dropped by just under 1 per cent over the month to end at $25.8 billion.
The $178 million deficit follows a $1.2 billion blowout to the deficit in January.
Federal Trade Minister Craig Emerson welcomed the result, saying that it shows a health recovery to form following interruptions to trade caused by the extreme weather events in January.
"Australia's economy is resilient, being strengthened by its engagement with Asia, a region of unrivalled growth and potential," Dr Emerson said.
"Although prices fluctuate, exporters can count on growing demand from the dynamic economies of our region."
Overall, the value of non-rural goods exports increased by 4.4 per cent, or $714 million, to $17 billion. Resources exports rose 2.5 per cent to $12.6 billion, led by an 11.6 per cent increase in coal, coke and briquettes, and a 3 per cent increase in metal ores and minerals. Manufactures exports rose by just over 12 per cent, or $374 million, to $3.5 billion.
Rural goods exports were also up, by 7 per cent to $3.1 billion. Services exports rose by just under 1 per cent, or $38 million, to $4.3 billion.
The full ABS data set can be found here