Australia’s trade surplus surged to $5.8 billion in November, climbing 42 per cent from a downwardly revised $4.075 billion a month earlier.

The $1.73 billion monthly increase exceeded consensus expectations of a $4.1 billion surplus, with the rise fuelled by a jump in the export of metal ores, coal and mineral fuels.

Exports for the month rose by a seasonally adjusted 2.0 per cent, according to the Australian Bureau of Statistics on Thursday, even as non-monetary gold exports fell by 6.0 per cent, or $120 million.

In seasonally adjusted terms, exports of rural goods edged higher by $9 million to $4.08 billion in November, with meat and meat preparations up by 6.0 per cent or $83 million.

Total imports for the month fell by 3.0 per cent.

Australia’s trade surplus reached a $7.98 billion record high in June 2019, also boosted by metals shipments.

The Australian dollar edged higher against the US dollar in the moments after the release of Thursday’s data, lifting from 68.73 US cents to 68.78 US cents.