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Monthly trade surplus tops $1 billion
Posted on 2010-07-06
AUSTRALIA posted its largest trade surplus in 14 months as exports surged a further 6 per cent in May.
The trade balance of goods and services was $1.645 billion in surplus in May compared with an upwardly revised $1.123 billion surplus in April, the Australian Bureau of Statistics said.
Imports fell 4 per cent in May.
The April result was a sharp upward revision from the $134 million originally reported and a better reflection of the huge increases in iron ore and coal contract prices that started from April 1.
Economists' forecasts had centred on a $500 million surplus in May.
This strong boost to the nation's income from rising commodity prices is not expected to force another interest rate rise at today's monthly Reserve Bank board meeting.
The central bank's interest rate decision will be announced at 2.30pm AEST.
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