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Australia's trade surplus record new high iron ore rose

Writer:JIEFU       Date:2017/2/2 16:39:34

Australia's iron ore and coal exports have been boosted by a surge in demand from China and Japan and a record high trade surplus.
Main points
December trade surplus of 3 billion 510 million Australian dollars; economists expected to be $2 billion.
Exports and imports were up 5% QoQ and 1%.
Coal exports hit the highest since November 2008; iron ore exports hit a new high since March 2014.
November trade surplus from $1 billion 240 million to $2 billion 40 million to repair.
Economic panorama
Australia's trade performance, and infrastructure and real estate construction and other Chinese economy is closely related to the needs of the old engine. Chinese government stimulus projects and promote coal production, coal and iron ore prices soaring, the situation now reflected in the Australian trade surplus rose sharply. However, coal prices have declined since November, its impact remains to be seen.
Economists view
"The trade surplus hit a record high, suggesting that commodity prices have boosted the nominal GDP," said PaulDales, chief economist at Sydney, australia. "The latest data show an increase in exports, suggesting that the actual GDP in the fourth quarter of last year may be at least some stronger than we had expected."
"The fourth quarter trade deficit from the third quarter of the $3 billion 800 million to a surplus of $4 billion 800 million Australian dollars," said the Western Pacific Bank AndrewHanlan. "Commodity prices have boosted export performance, as well as the main driving force for better trade."