Australia’s trade surplus hit a record $16 billion (US$10.9 billion) in May following a hike in coal exports.
The surplus went up by $2.7 billion compared to the previous month and far exceeded market expectations by around $10.5 billion.
Data from the Australian Bureau of Statistics showed that exports grew by around $5 billion—or 9.5 percent—to a total value of $58.4 billion during the month.
This was fuelled by significant increases in shipments of coal, coke and briquettes (up 22.1 percent), and other mineral fuels (up 5.3 percent).
In addition, total goods exports were up 10 percent compared to April, while total service exports also climbed 4.8 percent….