Australia’s trade surplus surged in August as exports of coal and other minerals increased despite concerns of a global slowdown.
Shipments from Australia grew 8% from the previous month, while imports rose 3%, the statistical bureau said.
That resulted in a trade surplus of 3.1bn Australian dollars ($2.9bn; £1.9bn), the second-largest on record.
Meanwhile, the Reserve Bank of Australia (RBA) left the interest rate unchanged at 4.75%
The data comes amid concerns that fears of a slowdown may hurt demand for Australia’s mineral exports.
“Export volumes are really kicking along and that will be a big fillip for the economy in the quarter,” said Brian Redican of Macquarie.
Categories: Australia