Australia recorded a trade surplus in nine of the past 10 months, including in February.
This chart from the National Australia Bank (NAB) goes someway to explaining why.
The value of Australia’s major commodity exports are increasing.
Thanks to prior strength in iron ore prices and record shipments, metal ores and minerals remain Australia’s largest goods export in dollar terms by some margin.
Coal, also helped by firmer prices recently, remains in second place ahead of rural goods and fast-growing LNG exports in third and fourth spot respectively.
The latter looks set to challenge coal in the years ahead as new Australian production comes online, especially should crude oil price remain at or higher than current levels.