Australia returns to trade surplus in March

Australia's trade balance returned to surplus in March, figures released on Tuesday by the Australian Bureau of Statistics (ABS) showed.

The ABS on Tuesday reported that the balance on goods and services was a surplus of 307 million AU dollars (314 million U.S. dollars) in March, a turnaround of 418 million AU dollars on the deficit in February.

During the month, exports of goods and services rose 1.0 percent to 25.75 billion AU dollars while imports of goods and service fell 1.0 percent to 25.44 billion AU dollars.

Economists had expected the balance to be even in March.

Analysts say an increase in iron ore shipments in March helped Australia return to a trade surplus.