Australia Trade Surplus Widens in August
By James Glynn
SYDNEY--Australia posted a seasonally adjusted trade surplus of A$989 million in August, compared with a surplus of A$808 million in July, the Australian Bureau of Statistics said Thursday.
The value of exports rose 1.0% in August, while import growth remained flat. The surplus was supported by a 10% increase in the value of iron ore exports, but a 3% fall in coal exports capped the overall gains.
The trade surplus was slightly wider than analysts' forecasts for a surplus of A$850 million.
Australia's trade accounts have caught a tailwind this year from higher iron ore prices, reflecting solid Chinese demand.
Gas exports are also stepping up, with increased production from new plants located across Australia's north.
Still, an elevated Australian dollar is acting as a headwind to exports. The currency recently traded at its highest levels in more than 2 years, prompting warnings from the Reserve Bank of Australia that it could weigh on economic growth.
Write to James Glynn at firstname.lastname@example.org
(END) Dow Jones Newswires
October 04, 2017 21:03 ET (01:03 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.