REPEAT: MNI: Australia Feb Trade in Surplus But LNG Export Dn

Repeats Story Initially Transmitted at 01:54 GMT Apr 5/21:54 EST Apr 4

--In Original Terms, Hard Coking Coal Exports Down Sharply

By Sophia Rodrigues

     SYDNEY (MNI) - Australia's trade balance recorded a slightly narrower

surplus in February compared with the month before as flat exports m/m was

offset by a small rise in imports. Overall, the trade balance posted surplus for

the second straight month and points to a net export contribution to GDP in Q1

after a dismal Q4 of 2017.

     Data published by the Australian Bureau of Statistics Thursday show the

trade balance recorded a surplus of A$825 million in February compared with a

slightly downwardly revised surplus of A$952 million in January. The outcome was

close MNI median forecast.

     Exports were flat m/m as a 17% or A$552 million rise in rural goods exports

was offset by a 23% or A$505 million fall in non-monetary gold. Non-rural goods

exports was little changed as a fall in transport equipment and other

manufactures was offset by a 3% rise in metal ores and minerals.

     Imports were nearly flat too, rising A$130 million as a 7% or A$547 million

rise in consumption goods was offset by a 6% or A$567 million fall in

intermediate goods.

     In original terms, exports were down all for five of the six key

commodities. Iron ore lump exports was the only one to rise, thanks to a 8%

increase in unit values and 1% rise in volumes. Iron ore fines fell due to a

drop in both quantities and unit values.

     All three varieties of coal exports performed poorly, with hard coking coal

the worst hit, down 35% or A$901 million as quantities plunged 21% and unit

values fell 17%.

     LNG exports fell for the first time in five months as quantities dropped 6%

but was partly offset by a 4% rise in unit values.

     Below is table on international trade data for February:

                                  February                             January

------------------------------------------------------------------------------

                                   (in A$)                             (in A$)

                       Seasonally Adjusted                 Seasonally Adjusted

Trade Balance                     +825 mln  +952 mln (revised from +1.055 bln)

MNI Median     +1.0 (range -0.3B to +2.1B)

Exports                          34.23 bln                           34.23 bln

Imports                          33.41 bln                           33.28 bln

--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com

[TOPICS: MTABLE]