Mining exports still going strong

AUSTRALIA has posted it largest trade surplus in 18 months as mining exports remain strong.
It was the fourth consecutive monthly surplus.
The balance of goods and services was a surplus of $670 million in May, from $171 million in April, the Australian Bureau of Statistic showed on Wednesday.
During the month, exports rose 4.0 per cent, while imports rose 2.0 per cent, the ABS said.
JP Morgan economist Tom Kennedy said increased volumes of mining and resources exports are starting to come on line after record levels of investment in the sector.
"The recent improvement in the trade data is more of a volumes phenomenon, owing to increased supply capacity following the enormous amount of investment over the past few years," he said.
"Even though China is slowing down, we're actually seeing that we're winning a greater share of global trade in hard commodities."
Mr Kennedy expects imports of capital goods to ease, with demand to decline following the peak in resources investment later this year.
CommSec economist Savanth Sebastian said the strong export result was driven by the mining and resources sector.
"There were strong exports of iron ore and coal and there was relatively healthy pricing.
"More importantly the falling currency is going to extend that trade story.
"There are good signs that the rebalancing of the economy, away from mining will start to take place."

With Officer Chris Serino on the stand, the lead prosecutor, Bernie de la Rionda, demonstrated on Tuesday how a fight might have played out between George Zimmerman and Trayvon Martin.

By CARA BUCKLEY

Published: July 2, 2013

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SANFORD, Fla. — Prosecutors in the second-degree murder trial of George Zimmerman scrambled Tuesday to undo damage to their case by one of their leading witnesses, a Sanford police officer who interviewed the defendant hours after he fatally shot Trayvon Martin.