Australian exporters have recorded a trade surplus of $3.1 billion n August – the second highest on record – as well as experiencing the highest exports to Asia on record.

 

The August figure, released by the Australian Bureau of Statistics, represented a rise of 71 per cent on the July surplus, and came in well above market expectations of about $2 billion.

 

The results mark a sixth consecutive monthly surplus after flood and cyclone damage to mines and ports led to a deficit in February.

 

“Bulk commodity exporters such as iron ore and coal producers were the worst affected by the severe weather — and now they are driving this outstanding export performance,” Trade Minister Craig Emerson.

 

Volume shipments of iron ore rose 20 per cent between July and August, while hard coking coal was ahead 18 per cent.

 

Total exports of goods and services for August rose 8 per cent, to $28.4 billion, while imports were up 3 per cent at $25.3 billion.

 

Merchandise exports to China surged 16 per cent month-on-month, to $6.6 billion. Exports to Japan, which had been affected by the devastating earthquake and tsunami in March, were ahead 7 per cent at nearly $5 billion, while shipments to Korea climbed 14 per cent to more than $2 billion.

 

For the 12 months to August, exports to East Asia rose 26 per cent, with shipments to China rising 33 per cent.