Australia posts A$18.2 billion surplus on lithium and rare earth sales to Asia

The Australian Bureau of Statistics (ABS) reported a quarterly trade surplus of A$18.2 billion in the country's balance of payments.

Export sales were driven by a 24% increase in shipments of strategic minerals such as lithium, cobalt and rare earths to buyers in South Korea, India and Japan, which more than offset a slowdown in iron ore purchases by Chinese steelmakers.