Australia’s trade surplus jumps 72% as exports improve

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.

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Categories: Australia

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