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Australia’s Trade Surplus Swells to Fresh Record in Boost to GDP

  • Exports driven by metals, gold and grain; imports by travel
  • New treasurer likely to welcome boost to tax from commodities

Australia’s trade surplus hit a fresh record high, driven by strong prices of key exports from grains to metals and gold, in a result that’s likely to boost second-quarter gross domestic product.

The surplus swelled to A$17.7 billion ($12.3 billion) in June, surpassing economists’ estimate of A$14 billion, Australian Bureau of Statistics data showed on Thursday. Exports jumped 5%, while imports rose 1% as more Australian holidaymakers traveled overseas.