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Australian trade rebounds with a $1b surplus as gold delivers

Australian trade has rebounded from a surprisingly large deficit at the end of last year, to record an unexpectedly large surplus in January.

In seasonally adjusted terms, Australia recorded a $1.05 billion surplus, a more than $2 billion turnaround on the $1.1 billion deficit the month before.

While total exports of goods and services jumped 4 percent, a 2 percent drop in the big import bill from December also helped.

The volatile nature of the figures was underscored by the fact that around three-quarters of the surplus was made up by a $770 million contribution by gold, with exports jumping 54 percent over the month.

A sudden $208 million jump in the export of transport equipment also improved the monthly numbers

Among the big resources exporters, the LNG plants in Queensland continued to boost production. Volumes shipped out rose 9 percent, although prices remained flat. Read more…

 

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