Australian Trade Surplus Shrinks in February: Iron Ore Exports Decline

SYDNEY, April 5 – Australia’s surplus on trade goods shrank to a five-month low in February as exports of iron ore fell while imports jumped, data showed.

The Australian Bureau of Statistics reported the balance on goods narrowed to A$7.3 billion, well short of market forecasts. Exports fell 2.2% in the month mainly due to a drop in prices and volumes of iron ore shipped. Imports climbed 4.8%, led by increases in consumption goods and processed industrial supplies.