Australia, China trade breaks $100 billion mark

Australia's two-way trade with China topped Aus$100 billion ($US105.64 billion) for the first time last year, data showed Wednesday, with surging coal and iron ore exports boosting national coffers. Total trade with China, Australia's top partner, grew 23.6 percent in 2010 to $105.3 billion, accounting for 19.1 percent of all imports and exports, the foreign office said in its annual trade report.
Japan came a distant second, at $66.1 billion or 12 percent, followed by the United States, with 9.0 percent or $49.8 billion. Resources shipments saw total exports to China spike 34.3 percent from 2009 levels, with the value of iron ore exports up 64.3 percent on-year at $49.4 billion and coal 8.9 percent higher at $43 billion.
Both are key steelmaking ingredients. Minerals exports were worth $69.5 billion in 2010, growing 50.8 percent from the previous year to account for 30.1 percent of total exports, while fuel rose 15.1 percent to $66.6 billion, or a 28.8 percent share. Australia's total exports grew 13.9 percent to $284.6 billion, with imports also rising 5.4 percent to $267.8 billion.