Australia on track for record exports

CANBERRA - Australia is on track for record exports in the 12 months to June 30, 2006, Australian Trade Minister Mark Vaile said today.

Data released earlier on Monday showed Australia's trade deficit narrowed sharply to a surprisingly small A$595 million ($699.5 million) in February, as exports jumped 10 per cent while imports retreated.

"Exports are on track to achieve record highs in the 2005-06 financial year. In the eight months to February 2006 exports are up 16 per cent compared to the same period in 2004-05," Vaile said in a statement.

- REUTERS