CANBERRA, Feb. 28 (Xinhua) -- Surging export values of rural goods, iron ore and coal have delivered Australia its largest ever trade surplus of 4.7 billion AU dollars for the December quarter, Minister for Trade, Tourism and Investment Steven Ciobo said on Tuesday.
This record result was driven by large increases in export values to economies including China, Japan, South Korea, Hong Kong, Singapore, Taiwan, the United Kingdom and Thailand, the minister said.
Among the rural products, vegetables, oil seeds, wool, meat and fresh dairy products have achieved strong gains, leading to the growth in the whole rural product sector.
The December quarter also saw a strong 6.3 billion AU dollar (4.8 billion U.S. dollar) narrowing in the current account deficit to 3.9 billion (3 billion U.S. dollars), Australia's lowest deficit since 2001.
Australia managed to maintain an impressive overall trade position in 2016 thanks to the large increase in export volumes of LNG (Liquified Natural Gas) and coal as major infrastructure projects in those sectors kicked in.
It also helped when the price of iron ore made surprising surge from around 50 U.S. dollar per ton this time last year to around 90 U.S. dollars now.
Tourism also made a significant contribution to Australia's exports, as the country continues to attract a record number of international visitors.
Statistics show that a record number of 554,179 students studied in Australia last year.
