Aus trade surplus posts a mammoth gain - ANZ

Economists at ANZ offer their afterthoughts on the Australian trade report, which showed that the trade surplus rose to all-time highs.

Key Quotes:

“The trade balance posted a mammoth gain in December, with the trade surplus rising to AUD3.5bn from an upwardly revised AUD2.0bn in November.”

“This is the largest trade surplus recorded since the series started in 1971.”

“The sizeable gain was driven by a spike in the value of coal and metal ores exports (up 13.7% and 9.7% respectively).”

“Importantly, the lift in the value of these exports was led by both soaring commodity prices and higher volumes. Meanwhile, imports edged 0.7% higher.”