Business News Asia
According to the Australian Bureau of Statistics (ABS), Australia’s trade surplus increased more than expected in November. Imports fell from record levels, offsetting declining liquefied natural gas (LNG) exports.
The surplus rose to A$13.2 billion ($9.13 billion) in November from A$12.7 billion in October. This is above analysts’ expectations of A$10.5 billion.
Exports fell 0.4% due to a sharp drop in LNG exports. This overshadowed the strong increase in iron ore export revenues.
Imports fell 1.5%, with declines in both consumer goods and capital goods and transportation services.
However, Australia’s commodity exports are expected to benefit from the reopening of China, Australia’s largest trading partner. Much of Australia’s metal ores and coal are exported to China.