Trade surplus dropped 8.8% in February

Australia’s trade surplus dropped 8.8 per cent in February to a seasonally adjusted $4.36 trillion, reflecting the impact of the COVID-19 pandemic.

Travel was down $780 million, or 14 per cent and lump iron ore exports fell $282 million, or 13 per cent, the Australian Bureau of Statistics said on Tuesday.

Exports of non-monetary gold fell $332 million, or 23 per cent.

Australia also imported 4.0 per cent less goods and services, with imports of consumption goods falling 8.0 per cent to $701 million.

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