The latest trade data released by the Australian Bureau of Statistics (ABS) today shows exports rose three per cent to $27.1 billion in August.
The data also shows that Australia recorded a seasonally-adjusted trade deficit of $815 million in August, $560 million less on the revised $1.4 billion deficit recorded in July.
Exports to China rose 11 per cent – in original terms – to $8.7 billion, the highest ever recorded monthly value. The value of overall merchandise exports increased by 3.9 per cent over the month or $859 million to $22.6 billion.
Resources exports rose by 2.2 per cent, or $288 million, to $13.3 billion, driven by a rise in metal ores and minerals, up by 7.4 per cent or $538 million to $7.8 billion.
On an international merchandise trade basis in original terms, the value of iron ore exports was up, with iron ore lump up by $86 million on stronger prices, while iron ore fines were up by $864 million on stronger prices and quantities.
Exports of manufactures were 6 per cent higher, at $3.7 billion. These increases were partly offset by a 1.1 per cent fall in services exports (down $50 million) to $4.5 billion. Rural goods exports were flat at $3.3 billion.
Australia's merchandise exports in original terms to North Asia increased 7.7 per cent in August to $15.8 billion, with exports to Japan up 9.3 per cent ($389 million) to $4.6 billion. Exports to the ASEAN 10 were up by 13.2 per cent or $237 million to $2.0 billion. Exports to India were 20.9 per cent higher, to $780 million.
Imports increased by one per cent to $27.9 billion while imports of overall merchandise goods were 1.1 per cent or $246 million higher at $22.6 billion, driven primarily by a 4.6 per cent increase ($309 million) in imports of consumption goods.
Imports of non-industrial transport equipment were up by $82 million and food and beverage imports for consumption were up $77 million. A 1.9 per cent fall ($185 million) in imports of intermediate and other merchandise goods partly offset these increases.
Imports from China were 11.2 per cent higher ($453 million) at $4.5 billion, from the United States 15.2 per cent lower ($382 million) at $2.1 billion, from the Republic of Korea 24.6 per cent lower ($248 million) at $759 million and from Singapore 13.6 per cent lower ($142 million) at $905 million.
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