Australia's trade surplus rebounded to $3.6 billion in February, the second largest on record, and Australia's fourth in a row.

Key points: $3.6 billion surplus second largest on record

$3.6 billion surplus second largest on record Large fall in imports of electrical goods and clothes drives the larger than expected result

Large fall in imports of electrical goods and clothes drives the larger than expected result Iron ore and coal exports edge up, while LNG and rural exports fall sharply

The unexpectedly large jump was largely due to the value of imports tumbling, more than a surge in exports.

Seasonally adjusted figures from the Australian Bureau of Statistics showed, while the value of exports rose by 1 per cent or $469 million in February, imports were down by 5 per cent or $1.6 billion.

However, it is the fourth successive monthly surplus, after almost three years of deficits and is only $100 million shy of the widest surplus of $3.7 billion recorded in December last year and well ahead of market estimates of a $2 billion surplus.

Surplus may have peaked: analysts

JP Morgan's Tom Kennedy said looks can be deceiving and the underlying drivers of the result were less favourable than hoped.

"Unlike last year's stellar outcome which was underpinned by surging exports, today's print is mostly owing to a surprise 5 per cent drop in import values, which more than unwound the previous month's strength," Mr Kennedy said.

Mr Kennedy said it was worth noting that the figures do not take into account last week's devastating storms in northern Queensland.

"The outlook for Australia's external sector will temporarily sour over the next few months as the ramifications from last week's cyclone in Queensland become clearer," he said.

Capital Economics analyst Paul Dales argued the February result well see the peak in the current run of surpluses.

"With commodity prices having started to edge lower and the legacy of Cyclone Debbie currently reducing the volume of coal being exported, the trade surplus may be past its peak," Mr Dales said.

Iron ore and coal remain solid, LNG and rural exports fall

There were mixed results for major commodity exports.

The value of coal exports rose 4 per cent, or $238 million, although volumes of both hard coking coal and thermal coal were down.

The value of top quality iron ore "fines" shipped to China edged up, driven by a 4 per cent rise in price, but overall volumes softened, down 8 per cent on the month before.

Gold exports - which have the tendency to be highly volatile - drove the bulk of resource sector gains, up 33 per cent or $352 million.

Surprisingly, the value of LNG shipments fell on the back of lower prices and a 10 per cent decline in volumes.

Rural exports were also weaker, down 5 per cent, dragged down by a 15 per cent fall in wool which had been enjoying record prices in recent months.

It was a surprisingly large retraction in imports, principally consumption goods, that drove up the surplus.

Imports of electrical goods fell 20 per cent in February, while clothing and footwear was down 15 per cent.

Falling imports point to weak domestic spending

Citi economist Josh Williamson said the Reserve Bank was likely to be concerned with the sharp decline in consumption imports.

The data comes one day after disappointing retail sales figures that showed an ongoing decline in discretionary spending.

"With businesses paring back consumption imports in February, it looks as if consumer facing businesses are expecting a continuation of soft household spending," Mr Williamson noted.

"Weaker consumption imports also points to a paring back of non-food retail inventories, which we suspect implies a continuation of the cost-cutting cycle that also highlights Australia's soft underbelly of domestic demand."