Australia’s seasonally adjusted trade surplus widened to a record A$15.97 billion ($10.83 billion) in May, thanks to a big rise in the value of exports during the month.
The value of exports jumped 9.5% month-on-month to A$58.40 billion, driven by higher prices for coal and other fossil fuels, the Australian Bureau of Statistics said.
Imports rose 5.8 percent to A$42.44 billion, helped by strong shipments of fuel, lubricants and non-industrial transport equipment, the statistics office added.
Australia’s commodity-rich economy is benefiting from soaring commodity prices, with large trade surpluses running even amid trade and diplomatic tensions with its biggest trading partner, China.
Source: Capital
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