Australia’s economy is continuing to bounce back with new figures showing the national trade surplus has surged to another record high.

The increase comes on the back of strong iron ore, minerals and coal shipments with $55.6 billion in exports during June, driving the surplus to $17.7 billion.

The ABS figures show total exports are above market expectations.

Westpac senior economist Andrew Hanlan says the total exports figure exceeded expectations by about $3 billion.

He says there is underlying strength in imports which are up by 2%.

ANZ economist Madeline Dunk says the trade figures are underpinned by sales of coal, iron ore and LNG but Australia’s biggest buyer, China, has been trying to limit its reliance on coal imports, and its steel output is expected to weaken this year.

“Given this and the fact that commodity prices appear to have peaked, we think the trade surplus will soon start to slide,” she says.