The February trade surplus was much larger than expected, coming in at $1,200mn. Market consensus was looking for asurplus around $800mn (CBA (f): $850mn). The trade balance has now been in surplus for four consecutive months, after acontinuous moderation in trade deficits over HII 2013. Four “surplus” swallows in a row probably does point to a longsummer of trade surpluses. Rising resource exports and falling capital goods imports mean that trade surpluses are likelyto continue over the near-term and beyond.
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