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Financial News: Australia Trade Surplus Increases Notably In June

Australia Trade Surplus Increases Notably In June

08/02/2018 - 00:25:00 (RTTNews)

(RTTNews) - Australia's trade surplus increased sharply in June, figures from the Australian Bureau of Statistics showed Thursday.

The trade surplus rose to A$1.87 billion from A$725 million in May. The surplus also exceeded the expected level of A$900 million.

Exports grew 3 percent or A$914 million from the previous month. Meanwhile, imports dropped 1 percent or A$233 million in June.

Paul Dales, an economist at Capital Economics, said the recent fall in the Australian dollar may mean that over the next year the external sector will give the economy a bigger helping hand.

But in the second quarter, it looks as though net exports didn't add anything to growth, the economist added. And a further escalation of the trade war would hurt Australia in the long-term.

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