Australia's trade surplus ballooned to a record in March as shipments of iron ore to China surged as the Asian giant came back from lockdown, while exports of gold more than tripled amid a global rush for the safe haven metal.
SYDNEY - Australia’s trade surplus ballooned to a record in March as shipments of iron ore to China surged as the Asian giant came back from lockdown, while exports of gold more than tripled amid a global rush for the safe haven metal.
In all, the trade surplus swelled 174% to A$10.6 billion in March, easily the fattest on record and far above forecasts of A$6.8 billion. “We expect commodity exports to hold up the Chinese economy is starting to recover ... but imports are likely to slump,” he added. “The upshot is that trade will likely make a solid positive contribution to growth in Q2 as well.”
Still, the March trade numbers were a light amid the gloom with exports leaping 15.1% while imports fell 3.6%.
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