SYDNEY: Booming mining exports to Asia saw Australia record its sixth consecutive monthly trade surplus on Tuesday, with strong growth in coal and iron ore shipments offsetting a fall in prices.
Australia recorded a Aus$3.1 billion (US$2.95 billion) surplus in August, the Australian Bureau of Statistics said, a $300 million premium on the previous month and almost $1 billion more than economists' forecasts.
Non-rural goods including minerals, ores and fuels led the increase, surging nine percent in the month to $1.6 billion.
Gold exports were also sharply higher, putting on 30 percent to $392 million.
Iron ore lump volumes jumped 20 percent in the month, reversing two months in the red, while fines grew 10 percent, driven by a large spike in demand from China, Japan and South Korea.
Steelmaking coal shipments also grew strongly, with hard coking exports up 18 percent and semi-soft exports firming 24 percent, also due to solid demand from China and Japan.
Prices declined for a third straight month across all iron ore and coal categories except thermal coal, burned to produce power, which saw moderate growth in prices and volumes.
Imports also rose three percent in August, suggesting consumer demand remained relatively robust, with strong growth in household electrical items, clothing and footwear.
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