AFP, Sydney, April 5: Australia posted its first monthly trade deficit in almost a year in February as exports fell after floods hurt coal production and imports rose steeply, figures showed Tuesday.
Seasonally adjusted figures from the Australian Bureau of Statistics revealed a deficit of Aus$205 million from a downwardly revised surplus of $1.433 billion in January.
Exports fell two per cent while imports jumped five per cent as the country posted its first deficit since March 2010.
Key factors influencing the change between January and February were a fall of $543 million in exports of metal ores and minerals and a bounce of $561 million in imports of fuels and lubricants, economists said.
Analysts had expected a drop off in exports due to the wild weather in coal-producing Queensland state in January, but were caught out by the spike in imports.
'It's a bit of surprise with the first deficit in nearly one year,' St George Bank chief economist Besa Deda said.
'We've been recording very large trade surpluses for some time and we did think that surpluses would narrow in coming months, but we weren't predicting the deficit.'
The floods that hit Queensland caused significant damage, halting mining and cutting key transport infrastructure, with business forecasting the disaster could cost the economy up to $8.3 billion in lost coal production.
Economists, though, said the trade balance should quickly swing back into surplus once coal exports are restored.
'The impact of the disasters in Queensland will be temporary, and temporary on the impact on the trade balance and the impact on the (economic) growth numbers of first quarter GDP,' said JP Morgan's Helen Kevans.