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Trade surplus beating market expectations

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Australia’s trade surplus rose above market expectations in December by millions. The surplus rose by $366 million in December with export value rising by 2.3 per cent. A strong rise in resources exports was also recorded with a large recovery in coal exports following the Queensland Floods. Australia’s exports continue to be dominated by resources, comprising approximately 62 percent of total exports in December. There was a drop in services exports recorded that indicated a weakness in travel and education exports. The divergent economy remains weak with a low rate of building approvals that have continued falling 24.5 percent year on year. Recent interest rate cuts, and further expected cuts, are expected to provide support for the divergent economy and modest growth is expected in late 2012. Following the unexpected rise in trade surplus it is predicted to moderate throughout 2012.

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