The January trade surplus was much larger than expected, coming in at $1433mn. Market consensus was looking for asurplus around $100mn (CBA (f): $200mn). The trade balance has now been in surplus for three consecutive months, aftera continuous moderation in trade deficits over HII 2013. Rising resource exports and falling capital goods imports meanthat trade surpluses are likely to continue over the near-term.
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Commonwealth Bank