Australia posted a further trade surplus record of $17.7 billion (US$12.34 billion) in June as the country continued to export considerable volumes of coal, iron ore and grain.
June’s surplus was also well above May’s record of $15 billion and outperformed economists’ expectations of a drop to $14 billion.
Data from the Australian Bureau of Statistics (ABS) showed that while exports jumped by $2.9 billion, or 5.1 percent, during the month, imports only climbed by $324 million, or 0.7 percent.
CommSec chief economist Craig James said Australia had achieved its 54th monthly trade surplus with the above result.
“The income flowing into Australia is supporting Aussie businesses at a crucial time, a time when fears of a recession are being expressed globally,” he wrote in a media release….