Trade balance more than doubles to $5.7b in February
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The news: Australia’s trade balance lifted $3.43 billion in February, in seasonally adjusted terms, mostly driven by the change in the total export and import value of non-monetary gold amid elevated haven asset prices.
The numbers: The balance on goods increased to $5.67 billion in February 2026, more than double the $2.26 billion posted in January 2026.
The value of non-monetary gold exports lifted by $1.82 billion alone while the value of non-monetary gold imports fell by $1.37 billion alone.
The value in goods exports lifted $2.12 billion month-to-month from $43.52 billion to $45.65 billion while the value in goods imports fell $1.30 billion from $41.27 billion to $39.96 billion.
The context: The changes in gold offset the decline in unit values and quantities for iron ore lump, iron ore fines, hard coking coal and liquefied natural gas. Thermal coal quantities also fell while unit values lifted slightly.
The data does not capture the impact of the US-Israel war with Iran, which began in March.
The source: ABS data
