Australia trade surplus hits record in July as resources boom By Reuters

Australia trade surplus hits record in July as resources boom By Reuters

© Reuters. FILE PHOTO: Containers are piled up at Port Botany facilities in Sydney Australia, February 6, 2018. Picture taken February 6, 2018. REUTERS/Daniel Munoz

SYDNEY (Reuters) – Australia’s trade surplus widened to a record in July as exports of iron ore, coal and liquefied all rose strongly, a surprisingly upbeat result that bodes well for mining profits and tax receipts.

Figures from the Australian Bureau of Statistics out on Thursday showed the trade surplus climbed to A$12.1 billion ($8.91 billion) in July, from an already high A$11.1 billion in June, beating forecasts of A$10.2 billion.

Exports jumped 5% on the back of Asian demand for LNG and thermal coal, combined with sharply higher prices for iron ore. Imports rose 3%, largely due to a sharp increase in parts and accessories for telecommunications equipment.

Exports to China also hit a record of A$19.4 billion, having climbed 72% from July last year when pandemic restrictions were curbing global trade flows.

($1 = 1.3578 Australian dollars)

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