Australia’s trade surplus hit a record $16 billion in May bolstered by surging demand and record prices for commodities, including coal and gas, though fuel imports also jumped 23 per cent amid soaring global energy prices.

The trade surplus was up 20 per cent on the prior month according to the Australian Bureau of Statistics and came in well ahead of market expectations of $10.8 billion. Exports were up almost 10 per cent while imports rose almost 6 per cent.