Australia’s trade surplus skyrocketed to a record high in May, driven by stronger prices of its key export – coal – while imports surged too in a sign of solid domestic demand.
Australia is also a key exporter of LNG, prices for which had surged, along with commodities like wheat amid fears of supply disruption from the ongoing war in Ukraine.Today’s figures suggest exports propped up Australia’s economic growth in the second quarter. The figures will also be welcomed by new Treasurer Jim Chalmers, who has signaled a path to fiscal consolidation to help lower public debt. Chalmers will release his first budget in October.
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