Australia swings to surprise trade deficit (by Michael Kitchen)

LOS ANGELES (MarketWatch) -- Australia's exports fell and imports rose in February, sending the nation's trade account to a surprise deficit, according to data Tuesday from the Australian Bureau of Statistics. The trade deficit totaled 205 million Australian dollars ($212 million), compared to January's A$1.433 billion surplus, as exports fell a seasonally adjusted 2% during the month, and imports rose by 5%. Economists' expectations had called for a A$1.2 billion trade surplus, according to a survey reported by Dow Jones Newswires. The drop in exports was led by a 45% month-on-month drop in "non-monetary gold", while "rural goods" rose 12%, and "non-rural goods" were down 2%. The unexpected trade deficit sent the Australian dollar down to $1.0338 from near the $1.04 mark ahead of the data. The Reserve Bank of Australia was due to make an interest-rate decision later in the day.