Gold exports boost Australia's goods trade balance

The news: Australia's trade balance on goods increased by $284 million in January to $11.03 billion, driven by non-monetary gold exports.

The numbers: Goods credits (exports) rose $757 million, or 1.6%, over the month, while imports — driven by non-industrial transport equipment — grew $471 million, or 1.3%, ABS data shows.

Australia's $11 billion trade balance represented a 2.6% increase compared to December's total of $10.7 billion.

The context: Australia has posted monthly trade surpluses since January 2018, bolstered by iron ore, natural gas and other resource demand from the Asia Pacific, particularly China, its top trading partner.