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Aussie exports continue to hold up in Turbulent Times

Posted on: May 7, 2009

Bernama – Thursday, May 7

MELBOURNE, May 6 (Bernama) — Australia recorded a seasonally adjusted trade surplus of A$2.5 billion in March, up A$746 million from February, figures released by the Australian Bureau of Statistics today showed.

“The March trade surplus is the second-highest on record and the eighth consecutive trade surplus,” the acting Minister for Trade, Martin Ferguson said in a statement.

“It is particularly pleasing to see Australian exports continuing to hold up well in the face of the rapid deterioration in the global economy.

“The international trade environment continues to weaken with the IMF forecasting global trade volumes to fall 11 per cent this year.”

Exports maintained the level achieved in February, at A$24.6 billion. A major contributor to this result was a 41 per cent increase in cereals (mainly wheat) exports to A$859 million (a 51 percent increase in volume terms).

This balanced the fall in the value of coal exports (down five percent or A$210 million), which was largely expected ahead of the April 1 start of new 59 per cent lower coking coal contract prices, the statement said.

While Australian exports to the EU and the United States fell in March, reflecting the current weakness in those economies, exports to China continued to grow strongly at 23.3 percent.

Exports to Japan and Korea grew more modestly at 2.8 percent and 4.4 percent respectively.

Australian exports to East Asia grew by 12.4 percent, with exports to the ASEAN region alone growing by 28.3 percent. — BERNAMA



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