Australia posted its biggest monthly trade surplus since March 2009 in May, confirming a massive turnaround in the trade account on the back of surging coal and iron ore prices.
The seasonally adjusted balance on trade in goods and services widened to a surplus of $1.65bn in May from a surplus of $1.12bn in April, the Australian Bureau of Statistics said. Imports rose 4% in May with exports surging 6%.
The ABS also revised higher its April trade surplus to $1.12b, up by almost $1bn from its original estimate.