The Australian Bureau of Statistics (ABS) announced on Thursday that Australia’s trade surplus in seasonally adjusted terms widened to AUD12.117 billion in July from an upwardly revised AUD11.114-billion surplus in June (initially a surplus of AUD10.496 billion).

Economists had expected a surplus of AUD10.200 billion.

According to the report, the exports of goods and services increased 5.0 m-o-m in July, after jumping 4.1 percent m-o-m in June (revised from 4.0 percent m-o-m). Meanwhile, imports of goods and services rose 3.0 percent m-o-m in July, following a 1.0 percent m-o-m gain in the prior month.