Trade surplus expands to record $8bn in June

Australia’s trade surplus has topped market expectations, blowing out to a record $8bn in June.

A container ship is pushed to it's berth by a tug at the Port of Melbourne. Picture: AFP

Australia’s trade surplus increased to a record high $8.03 billion in June, from an upwardly revised $6.17bn in May.

Exports were up 1.0 per cent for the month while imports were down 4.0 per cent, the Australian Bureau of Statistics said on Tuesday.

Market consensus had been for the trade balance to expand to a surplus of $6bn in seasonally adjusted terms.

The value of exports of rural goods fell 4.0 per cent and gold fell 2.0 per cent as non-rural products increased by 3.0 per cent.

The value of gold imports jumped 28 per cent to $610 million while capital goods, including machinery and industrial equipment, fell 9.0 per cent and consumption goods, including items such as electrical gadgets and toys, fell 5.0 per cent.

AAP