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By James Glynn
SYDNEY–A surge in imports sharply narrowed Australia’s month-to-month commerce surplus in February, in line with the Australian Bureau of Statistics.
The seasonally adjusted stability on items and companies was a surplus of seven.465 billion Australian {dollars} (US$5.61 billion), down A$4.33 billion from January, the ABS stated.
Economists had anticipated a surplus of about A$12 billion in February.
Exports have been largely flat, whereas imports jumped 12% over the month, the ABS stated Thursday.
Imports of processed industrial provides, fuels and lubricants led the sharp soar in imports, which mirrored rising crude oil costs globally and a rebound within the Australian economic system after pandemic-related disruptions in December and January.
Write to James Glynn at james.glynn@wsj.com
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