Mining aids lift in trade

AUSTRALIA’S trade surplus has improved, helped by a lift in mining exports even as imports remain steady.

The value of the nation’s exports outstripped the cost of imports by $989 million in August, seasonally adjusted, according to figures released yesterday by the Australian Bureau of Statistics.

That was up from a revised $808 million surplus in July.

The August surplus was higher than the $850 million economists had been expecting.

It came primarily on the back of higher mineral shipments, which helped bump up overall exports by $166 million, or 1 per cent.

The trade balance has been in surplus for much of the past year, helped by a rebound in iron ore prices and rising natural gas exports.

Economists expect the momentum to continue as production from liquefied natural gas projects continues to ramp up and iron ore prices remain above the $US50-a-tonne level.

Imports remained largely steady in August, down just $15 million for the month.