Australia's February trade balance saw a major beat on expectations, coming at $A 3574 mln vs $A1900 mln expected. The Aussie found buyers to be taken towards 0.7610 session highs vs the USD.
FEBRUARY KEY POINTS
BALANCE ON GOODS AND SERVICES
In trend terms, the balance on goods and services was a surplus of $3,320m in February 2017, an increase of $545m (20%) on the surplus in January 2017.
In seasonally adjusted terms, the balance on goods and services was a surplus of $3,574m in February 2017, an increase of $2,071m on the surplus in January 2017.
CREDITS (EXPORTS OF GOODS AND SERVICES)
In seasonally adjusted terms, goods and services credits rose $469m (1%) to $32,405m. Non-monetary gold rose $352m (33%) and non-rural goods rose $236m (1%). Rural goods fell $195m (5%). Net exports of goods under merchanting remained steady at $41m. Services credits rose $76m (1%).
DEBITS (IMPORTS OF GOODS AND SERVICES)
In seasonally adjusted terms, goods and services debits fell $1,601m (5%) to $28,832m. Consumption goods fell $859m (10%) and intermediate and other merchandise goods fell $792m (9%). Capital goods rose $77m (1%) and non-monetary gold rose $2m. Services debits fell $28m.
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