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Australia trade surplus hits record in July as resources boom – Metro US

Australia trade surplus hits record in July as resources boom

Containers are piled up at Port Botany facilities in Sydney
Containers are piled up at Port Botany facilities in Sydney

SYDNEY (Reuters) – Australia’s trade surplus widened to a record in July as exports of iron ore, coal and liquefied natural gas 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)

(Reporting by Wayne Cole; Editing by Christopher Cushing)

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