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August trade surplus breaks decade-old record

Posted 1 hour 7 minutes ago

Official figures show Australia has recorded its biggest trade surplus in more than a decade.

July's trade deficit has swung by more than $2 billion to a surprisingly large surplus of almost $1.4 billion in August.

The Bureau of Statistics says exports rose 6 per cent and imports fell 2 per cent during the month.

It says the increase was due to a surge in non-rural exports, while fuel imports fell.

The release of the figures prompted a rise in the Australian dollar against the greenback.

The managing director of economics at Citi Investment Research, Stephen Halmarick, says the figures are positive.

"It's a very good number, a surplus of almost $1.4 billion, highest surplus since 1997, so a good increase in exports, up 6 per cent on the month, and a slight decline in imports," he said.