Australia’s Trade Surplus Swells to Record as Export Prices Soar

Australia’s trade windfall increased to a new high as prices and volumes of commodities like iron ore surged, boosting the economy as it headed into the late-March coronavirus lockdown.

The surplus spiked to a record A$10.6 billion ($6.8 billion) in March, exceeding economists’ estimates of A$6 billion and up from a downwardly revised A$3.9 billion in February, Australian Bureau of Statistics data showed Thursday. Overseas shipments advanced 15%, the most since September 2000.