CANBERRA: Australia’s monthly trade surplus narrowed in July as exports of natural resources such as gold, coal and iron ore fell while imports climbed. Yesterday’s data showed metal ores and minerals, which includes iron ore, edged down 0.7%%, while coal, coke and briquettes slipped 3.1%. Australia has posted monthly trade surpluses since January 2018, underpinned by sales of iron ore and natural gas to the rising economies of the Asia-Pacific region. The export windfall will see the nation’s budget return to an annual surplus for the first time in 15 years. Demand for Australian goods has been driven by top trading partner China with its strong appetite for iron ore and coal.

Source: The Star September 08, 2023 05:07 UTC