Business News Asia
According to the Australian Bureau of Statistics (ABS), Australia recorded a higher trade surplus in September. This was due to an increase in exports driven by higher prices for iron ore, metals and energy.
The September trade surplus increased to A$12.4 billion ($7.8 billion) from A$8.3 billion in August.
Total exports increased by 7% in September compared with the previous month. Imports, by contrast, rose by only 0.4%, mainly due to tighter monetary policy and higher inflation in the country.
Australia exported A$10.9 billion worth of mineral fuels in September. This is an increase of almost 20% compared with A$8.64 billion in August.
Exports of metals and minerals also increased by 8.7% to A$14.5 billion.
Australia’s strong exports reflect the economic recovery. Although inflation in Australia reached a 32-year high in the third quarter, such a strong economy could prompt the Reserve Bank of Australia to raise interest rates further to contain inflation.