By Linda Young

Sydney, Australia

Australia had a 72 percent increase in its trade surplus in August.

Australia's trade surplus surged to $3.1 billion in August from $1.8 billion in July, according to a report released Tuesday by the Australian Bureau of Statistics (ABS).

That was a much bigger surplus than the $1.95 billion predicted by market analysts. It was the second-largest increase on record.

The trade surplus surged on exports, particularly coal exports, after coal mines finally reopened following summer floods that shut down many mines, economists say.

Exports rose by 8 percent and imports grew by 3 percent, compared to a month earlier.

In the meantime, Australia's central bank, the Reserve Bank of Australia, left its key interest rate at 4.75 percent.


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World - Coal Exports Boost Australia's Trade Balance | Global Viewpoint