SYDNEY, Aug 31 (Reuters) - Australia’s current account surplus widened to a record high in the June quarter thanks to booming prices for some key commodity exports, notably iron ore, and strong demand from China.
Data from the Australian Bureau of Statistics out on Tuesday showed the surplus in current dollars rose to A$20.5 billion ($14.94 billion) in the June quarter, from A$18.9 billion the previous quarter. Exports rose 6.6% in value terms, while imports increased 3%.
However, in volume terms exports fell in the quarter and imports rose such that net exports subtracted 1.0 percentage points from June quarter gross domestic product (GDP).
Forecasts centred on a surplus of A$21.0 billion, and net exports to detract 1.0 percentage point from June-quarter growth, a Reuters poll showed.
($1 = 1.3697 Australian dollars)
(Reporting by Wayne Cole)
Source: Reuters