Australia’s trade balance improved sharply in February, rising by $3.43 billion on a seasonally adjusted basis, according to data from the Australian Bureau of Statistics. The increase was mainly driven by strong movements in non-monetary gold, supported by higher demand for safe-haven assets.
The trade surplus for goods more than doubled to $5.67 billion in February, up from $2.26 billion in January. Gold exports played a major role, increasing by $1.82 billion, while gold imports dropped by $1.37 billion.
Overall goods exports rose by $2.12 billion to $45.65 billion, while imports fell by $1.30 billion to $39.96 billion, further boosting the trade balance.
The strong performance in gold helped offset weaker results in key commodity exports such as iron ore and coal. Export volumes and prices for iron ore and hard coking coal declined, while liquefied natural gas also saw lower values. Thermal coal shipments dropped as well, although prices edged slightly higher.
The data reflects trade conditions before the impact of the recent US-Israel conflict with Iran, which began in March and may influence future trade trends.