Australia has recorded its 13th consecutive accounts surplus in the June quarter on the back of a continued commodity boom, with the trade surplus hitting a record high $43.1 billion (US$29 billion).
“The increase in the current account surplus was driven by higher commodity prices. Coal prices were elevated over the 2021-22 financial year, with annual exports of coal exceeding $100 billion (US$67 billion) for the first time,” Acting Head of international statistics Grace Kim said.
Global supply constraints drove up demand for Australian mining and agricultural commodities, driving up the exports of goods and services by 14.7 percent.
Demand for Australian coal exploded following the Russian invasion of Ukraine as European countries sought to diversify energy sources. Australian coal skyrocketed by US$99 in one day, one week after the invasion….