Australia Trade Surplus Reaches 7-Month High

(RTTNews) - Australia's trade surplus increased more than expected in February, reaching a seven-month high, data from the Australian Bureau of Statistics showed Thursday.

The trade surplus rose to A$5.68 billion in February from A$2.26 billion in January. This was the highest since last July. The surplus was expected to rise slightly to A$2.8 billion.

Exports increased 4.9 percent from the previous month, driven by a 29.9 percent surge in non-monetary gold exports. General merchandise exports also gained 0.8 percent.

Meanwhile, imports declined 3.2 percent in February as non-monetary gold imports plunged 41.3 percent.