SYDNEY, Jan. 27 (Xinhua) -- Australia's terms of trade surged in the December quarter, up 12.2 percent off the back of rising export prices.
The price of exports went up 12.4 percent in the December quarter, with import prices holding relatively steady, up just 0.2 percent according to figures released by the Australian Bureau of Statistics, on Friday.
Over the course of the year, export prices were also up 12.4 percent, but import prices did not fare as well, down 4.6 percent.
The result was considerably better than the December quarter 2015 results, which saw Australia's terms of trade down 5.4 percent over the same period, along with declines of 10 percent for year long results in 2014 and 2015 due to weak growth in nominal income.
