Exports to China soar
Australia is running its first $50 billion trade surplus with exports out of WA to China soaring to record levels.
Figures from the Bureau of Statistics confirmed China was now more important to Australia than Japan was during the 1980s.
In March, Australia exported a record $9.5 billion in goods to China, overwhelmingly iron ore.
Through the first nine months of the 2013-14 financial year, Australia had a $36.9 billion surplus with China. By the end of the financial year it will peak at more than $50 billion.
Total Australian exports to China have so far this financial year climbed by a third to soar through the $100 billion mark.
China accounts for a record 36.7 per cent of Australian exports. The big lift in exports came despite an easing in the iron ore price which is now just below $US106 a tonne.
CommSec economist Savanth Sebastian said exports were likely to grow as LNG production came on stream.
Shane Wright
