Australian exports grow faster than imports, prompts rise in GDP growth forecast
In another sign that the Australian economy is performing steadily, Q2 trade figures show that exports grew faster than imports.
According to the Australian Bureau of Statistics, export volumes rose 2.7% during the three months to June, with imports growing by 1.4%.
Financial heavyweight JP Morgan has resultantly uplifted its forecast for Australia’s GDP growth by a tenth of a percentage point to 0.6%.
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The Australian dollar also jumped slightly when the figures were released, reaching a of 79.83 US cents, up from a previous high of 79.52. However, a rising value in the Australian dollar could discourage future export growth if foreign buyers feel they are receiving less for their money.
Analysts believe this export trend will continue through the second half of the year, pointing to major LNG projects as a key driver of revenues into the country.