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Australia Trade Surplus Surges To Record High
Wednesday August 04, 2010 01:01:00 EDT

Australia smashed forecasts to post a record monthly trade surplus of 3.54 billion dollars in June. Data shows the resource-rich country returning to boom conditions.

The Australian Bureau of Statistics said a 23 percent spike in the value of iron and copper ore exports and a 15 percent rise for coal, mainly due to volume increases, were behind the unprecedented performance, which was double forecasts.

"This is the highest surplus ever recorded," the Bureau said.

The record monthly surplus takes the trade balance from a deficit of 3.29 billion in the three months to March to a surplus of 6.63 billion for the June quarter.