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Australia Posts Record Trade Surplus Thanks to Mining Industry

Australia has posted a record monthly trade surplus of $3.54 billion dollars for the June period. The Australian Bureau of Statistics said that this was the highest surplus ever recorded.

It was double the forecast and was aided by a 23% rise in the value of iron and copper ore exports besides a 15% rise in coal volume increase.

The exports exceed imports by $3.5 billion for the month of June. This gave the trade surplus a record high beating the previous record by more than $1 billion. In the 40 years that such records have been kept, this is the highest that the trade surplus has ever reached.

According to economist Ben Jarman from JP Morgan it is a good result and will flow through to pretty solid gains in the national income for Australia. The trade balance has returned to surplus in April after 13 months of being in the red thanks to the global recession.

The commodity exports to Asia have helped the country to escape the worst of the economic slowdown which hit other advanced economies around the world. China exports jumped 7.7 % while exports to Japan and India were at 5.1 % and 13.2% respectively.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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