Australia recorded a seasonally adjusted trade surplus of $2.5 billion in March 2009, up $746 million on February, according to figures released by the Australian Bureau of Statistics today.
The Acting Minister for Trade, Martin Ferguson AM MP, said: "The March trade surplus is the second-highest on record and the eighth consecutive trade surplus".
"It is particularly pleasing to see Australian exports continue 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 will fall 11 per cent this year."
Exports maintained the level achieved in February 2009, at $24.6 billion.A major contributor to this result was a 41per cent increase in cereals (mainly wheat) exports to $859 million (a 51 per cent increase in volume terms).
This balanced the fall in the value of coal exports (down 5 per cent or $210 million), which was largely expected ahead of the 1 April start of new 59 per cent lower coking coal contract prices.
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 per cent.
Exports to Japan and Korea grew more modestly at 2.8 per cent and 4.4 per cent respectively.
Australian exports to East Asia grew by 12.4 per cent, with exports to the ASEAN region alone growing by 28.3 per cent.
Minister Ferguson said: "Exporters will be able to build on their already strong commercial relationship with East Asia through the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) signed by the Government in February this year."
Imports continued to fall in March, down 3 per cent or $730 million, with a 15 per cent increase in consumption goods (including a 33 per cent increase in passenger motor vehicles and a 21 per cent increase in textiles, clothing and footwear) offset by a 12 per cent decrease in imports of capital goods.