Record trade surplus for Australia
Australia boasted its biggest trade surplus on record in December as surging commodity prices showered the resource-rich nation in cash, a windfall that could lessen the risk of a downgrade to its triple A credit ratings. Yesterday’s data from the Australian Bureau of Statistics showed a trade surplus of A$3.51 billion ($2.67 billion) in December, handily outpacing forecasts of A$2.2 billion. The previous month was also revised up sharply to A$2.0 billion, a double win that lifted the local dollar up by $0.25 to $0.7624. Exports jumped by 5.3 percent to a record A$32.6 billion, led by double-digit gains in coal and iron ore, while imports edged up only 0.7 percent. China was the standout customer as exports surged 28 percent to top A$10 billion for the first time ever.
