31.1 C
Friday, October 23, 2020

Australia’s trade surplus up 2pc in May

Must read

Sheffield Protect: Moises Henriques rescued NSW with

Australia’s Check all-rounder-in-waiting is near resuming bowling within the Sheffield Protect.WA’s rising star Cameron Inexperienced is being managed after injuring his again final...

Coomera: Police examine lady’s physique discovered on Gold Coast freeway

Dashcam footage may assist police clear up what occurred to a lady who was discovered lifeless 4km away from a broken automobile parked...
The Indian Telegraphhttps://theindiantelegraph.com.au/
Established in 2007, The Indian Telegraph is a multi award winning digital media company based in Australia.

Australia’s trade surplus rose 2 per cent to $8.03 billion in May, as imports fell faster than exports.

Exports dropped 4 per cent to $35.7b, while imports dropped 6 per cent to $27.7b, data from the Australian Bureau of Statistics showed on Thursday.

Imports of consumption goods was steeply lower, down 14 per cent to $8.9b.

Exports of rural goods fell 10 per cent to $3.6m, driven by a 31 per cent drop in cereal grains and cereal preparations.

Coal export earnings dropped by 13.3 per cent, or $635m.

“Australia’s international trade surplus has — on balance — been boosted by the net impacts of the pandemic,” Westpac economist Andrew Hanlan said in a note.

“Imports are trending lower as domestic demand contracts. Goods exports, while not immune from the global recession, have been more resilient.”

Economists had been expecting a $9b trade surplus, Mr Hanlan said, but the reason for the surprise was that ABS revised down the April result by $1b.

Latest article

Aged care royal commission: Antipsychotic medications overused in care

Aged care in Australia is broken, with coronavirus exposing more cracks in the system, but there is hope it can change. After two...

ASX bounces on state border plan, US debate

The Australian sharemarket bounced back from an intraday fall after the final US presidential debate and after National Cabinet agreed on a plan...

Toddlers wander near busy Gold Coast road after escaping from childcare centre

Two small children have been rescued from beside a road flooded with cars after doing a runner from a Gold Coast childcare centre...

ASIC boss James Shipton steps aside over $118k relocation-related payments

The chair of Australia’s financial watchdog has stepped aside after being paid more than $118,000 in relocation-related expenses, which were deemed excessive.Australian Securities...

Qantas: Flights to UK, US unlikely for another year, Alan Joyce says

Qantas says European and North American flights will be out of action until the “end of 2021”, but the national carrier is hopeful...