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Australia's trade surplus rebounds steeply
In May, Australia's trade surplus rebounded steeply because coal shipments revived faster than expected from a series of cyclone-induced disruptions, thus putting exports back on track to contribute to economic surge in the quarter.
Along with recent positive reports on consumer as well as business spending, economic surge currently looks likely to have recovered from the March quarter's quite dismal 0.3% pace.
Thursday's report from the Australian Bureau of Statistics revealed that in May the trade surplus tacked on to A$2.47 billion, adding from April’s downwardly revised A$90 million and also twice surpassing market forecasts of about A$1.1 billion.
Exports of coal alone went up 62% to a cool A$5 billion because mines rushed to proceed with shipments after Cyclone Debbie destroyed rail tracks in Queensland, which appears to be one of the world's leading coal-exporting regions.
Total exports inched up 8.5% to more than revive April's dip, while imports gained 0.7%.
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