SYDNEY, Oct 5 (Businesshala) – Australia’s trade surplus unexpectedly widened to a record in August as a firming up in liquefied natural gas and coal exports offset a sharp drop in iron ore prices, mining profits and tax receipts. was more.
Data released on Tuesday by the Australian Bureau of Statistics showed that the surplus on international trade rose to $15.1 billion ($11.0 billion) in August, from $12.7 billion a month earlier. It was the highest on record and fell to $10.3 billion, beating analysts’ estimates.
Courtesy of strong energy demand in Asia, exports climbed 4.1% on the month to $48.5 billion, led by LNG, hard coking coal and thermal coal. Both prices and volumes were higher, given the sharp fall in prices of iron ore, Australia’s number one export earner.
Energy demand in Asia has only warmed as electricity shortages in China have led to blackouts and countries compete for shipments of LNG and coal before winter.
Australian goods exports to China alone stood at $18.6 billion in August, up 55% from a year earlier and showing little impact from ongoing trade and political tensions with Beijing.
Imports fell 1.5% in August to A$33.4 billion, mainly due to a fall in capital goods, while consumption was higher due to good import cars.
Trade in services is almost half of pre-pandemic levels, with Australia’s international borders still closed to tourists and students.
ABS said that due to problems with sourcing reliable data on the services, it would stop reporting the data from January while looking for a means to improve the data.
($1 = 1.3729 Australian Dollar)