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Australia's trade surplus on goods declined to AUD 2.97 billion in February 2025, down from a downwardly revised AUD 5.16 billion in the previous month, much smaller than market expectations of a gain of AUD 5.6 billion. It was the smallest trade surplus since August 2020 as exports fell while imports grew. Shipments dropped 3.6% from the previous month to a four-month low of AUD 42.31 billion, after a downwardly revised 0.8% rise in January, largely weighed down by non-monetary gold. Meanwhile, purchases rose by 1.6% to a record high of AUD 39.35 billion, following a marginally revised 0.4% drop in the previous month, mainly boosted by capital goods.