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Australia’s trade surplus dipped slightly in April to a seasonally adjusted $4.87 billion, narrowly missing expectations after downward revisions were applied to the last two monthly releases.

Market consensus was for the nation’s trade balance to edge higher to a $5 billion surplus, but the April figure fell short after the Australian Bureau of Statistics revised the balances for both February and March on Thursday.

The March surplus was revised down from $4.95 billion to $4.89 billion, meaning the seasonally adjusted trade surplus for April dropped $16 million for the month.

The February surplus of $5.14 billion was also revised lower to $5.02 billion, though this remains a record high.

Australia imported $35 billion in goods and services in April, a seasonally adjusted 3.0 per cent more than in March, and exported $40.4 billion, an increase of 2.0 per cent.

Exports rose by a total $968 million for the month, fuelled by a 3.0 per cent or $691 million lift in non-rural goods.

Metal ores and mineral exports lifted 16 per cent to contribute $1.38 billion to the April total, offset by a decline in the value of coal, mineral fuels and transport equipment exports.

The export of rural goods fell by $67 million or 2.0 per cent.

Meanwhile the import of intermediate and other merchandise goods rose by $423 million or 4.0 per cent, capital goods imports rose by $308 million or 5.0 per cent, and consumption goods rose by $298 million or 3.0 per cent.

The Australian dollar dipped slightly following the release of the data but regained its losses to sit at $69.66 US cents at 1210 AEST.