Australia trade surplus shrinks in March, misses expectations

Australia trade balance for March came in at AUD 3107bn vs AUD 3250bn expected and AUD 3574bn prior, representing a big miss on expectations. Imports were up 5% on the month while exports increased 2%.

The Australian Dollar remains little changed on the data release. 

BALANCE ON GOODS AND SERVICES:

In trend terms, the balance on goods and services was a surplus of $3,804m in March 2017, an increase of $265m (7%) on the surplus in February 2017.

In seasonally adjusted terms, the balance on goods and services was a surplus of $3,107m in March 2017, a decrease of $550m (15%) on the surplus in February 2017.

CREDITS (EXPORTS OF GOODS AND SERVICES) 

In seasonally adjusted terms, goods and services credits rose $776m (2%) to $33,343m. Non-monetary gold rose $443m (32%), rural goods rose $271m (7%) and non-rural goods rose $19m. Net exports of goods under merchanting fell $1m (2%). Services credits rose $45m (1%).

DEBITS (IMPORTS OF GOODS AND SERVICES): 

In seasonally adjusted terms, goods and services debits rose $1,325m (5%) to $30,235m. Consumption goods rose $751m (10%), intermediate and other merchandise goods rose $715m (8%) and non-monetary gold rose $68m (14%). Capital goods fell $214m (4%). Services debits rose $6m.