Australia's trade surplus continued for a third month in March. According to the National Bureau of Statistics, the trade balance surplus widened to $ 1.527 billion, exceeding expectations of $ 950 million, standing close to its highest level since May 2017.
The February reading was revised from $ 835 million to $ 1.439 billion. Australia has now recorded a surplus of $1 billion or more in each of the past three months.
Exports rose 1% to record $ 34.84 billion, while rural, non-rural and non-gold exports rose by $ 191 million and $ 126 million, respectively. The increase in non-rural goods was driven by a significant increase of $ 226 million in the value of grain exports.
LNG exports jumped by $58 billion while those for machinery and other manufactured goods rose by $68 million and $97 million respectively. Iron ore, Australia's largest export, was $ 14 million.
On the other hand, imports increased by 1% to $ 33.314 billion, driven by strong growth in intermediate goods and non-monetary gold which rose by $ 381 million and $ 232 million, respectively. The increase in intermediate goods was driven by fuel imports of $ 416 million.
