Aussie trade surplus 35% higher in Q2
Australia posted another trade surplus in August, which would be on its fifth consecutive month on the back of higher exports of coal and lower imports of industrial machines and aircraft.
According to acquired data from the Bureau of Statistics, the country's trade surplus rose by 35 percent to A$2.35 billion from A$1.74 billion recorded in July, the Bureau of Statistics said in a report in Sydney today.
The trade balance describes the inner strength of the Australian economy because local companies like Chevron Corp. raise up their stakes in energy, mineral and non-mineral, and industrial projects in China.
The higher trade surplus is indicative of positive growth and the economy's resilience, said an economist at the Macquarie Bank Australia Ltd. in Sydney.
Australia's imports were lower by 5 percent to A$22.4 billion because imports of aircraft was scaled down by 42 percent and industrial equipment was slashed down by 6 percent.