- CANBERRA, Australia: Australia’s annual trade surplus has swelled to a record $24 billion thanks to Asian demand for the country’s minerals and farm produce.
Treasurer Wayne Swan said the figures released Wednesday show the Australian economy is strong despite some softness in retailing and manufacturing.
The Australian dollars 22.4 billion ($24 billion) trade surplus for the 12 months through June 2011 is a big turnaround from a deficit of AU$3.5 billion the year before.
For June, Australia posted a trade surplus of AU$2.1 billion. That was the 14th monthly surplus in the past 15 months.
Mineral exports rose 34 percent to AU$147 billion in the latest financial year, despite cyclones and flooding disrupting production. Farm exports rose 19 percent to AU$31 billion.