Australia has recorded a record trade surplus of $4.8 billion
Iron ore prices the biggest driver
Rural exports were down 1 per cent
Economists have mixed views as to how this will contribute to first quarter GDP
Australia achieved a record trade surplus of $4.8 billion in February, smashing the previous record of $4.67 billion in December 2016, largely thanks to higher iron ore prices.
The result was the largest monthly surplus since data was first published in 1971 and convincingly beat market expectations – the median of economists' forecasts was a $3.7 billion gain. However it was prices that drove the record, not the volumes. Exports were flat and imports were down 1.1 per cent.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
