New data released by the Australian Bureau of Statistics on Thursday showed that Australian exports soared six percent in August, helping the nation to score its second-largest trade surplus on record at 1.4 billion A dollars (1.1 billion U.S. dollars).
Australia's trade balance of goods and services was a seasonally adjusted 1.364 billion in August compared with a revised 697 million deficit in July, the statistics said.
This is close to the record 1.54 billion dollars surplus set in June 1997, but is only the second monthly surplus, after revisions, since March 2002, the other being in June of this year.
The six percent rise in exports largely reflected a 26 percent increase in coal exports.
On the flip side, imports sank 2 percent in August, which included a 25 percent slump in fuel imports.
Weak imports are consistent with recent data showing a slowing domestic economy, fueling the case for another interest rate cut when the Reserve Bank of Australia (RBA) holds its monthly board meeting on Tuesday.
Economists say as long as the Australian dollar remains relatively weak, the trade position is likely to be in the black for some months to come.
(One A dollar equals to 0.786 U.S. dollar)
Source:Xinhua
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