Australia’s Trade Surplus Surprises With Record High on Commodity Demand

Australia’s Trade Surplus Surprises With Record High on Commodity Demand
A forklift unloads shipping containers from trucks at a storage facility located near Sydney Airport in Australia on Nov. 30, 2017. David Gray/Reuters
Reuters
Updated:

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.

Figures from the Australian Bureau of Statistics out on Tuesday showed the surplus on international trade jumped to A$15.1 billion ($11.0 billion) in August, from A$12.7 billion the month before. That was the highest on record and confounded analysts’ forecasts of a drop to A$10.3 billion.