SYDNEY : Australia's trade surplus unexpectedly grew to a record in August as strength in liquefied natural gas and coal exports more than offset a pullback in iron ore prices, a windfall to mining profits and tax receipts.
Exports climbed 4.1per cent in the month to AUS$48.5 billion led by LNG, hard coking coal and thermal coal, courtesy of strong energy demand in Asia. Both prices and volumes were higher, eclipsing a sharp fall in prices for iron ore, Australia's number one export earner. Australian goods exports to China alone stood at AUS$18.6 billion in August, up 55per cent on a year earlier and showing little impact from ongoing trade and political tensions with Beijing.
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