The baffling strength of iron ore revenues

I was going to write this post yesterday but Damien Boey has beaten me to it:

The trade balance has come in surprisingly strong, delivering “nominal easing” to offshore-exposed companies and their relatives. The September trade balance surprised well and truly to the upside, rising to $7.2 billion from an upwardly-revised $6.6 billion. We were especially surprised by the bounce in trade, because coal and iron ore exports have performed so poorly of late.

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