A rise in iron ore and coal sales, plus the absence of the importation of jet fighters by the Defence department saw another strong trade surplus in August.
Australia recorded a trade surplus of $2.346 billion in August, seasonally adjusted, from a downwardly revised surplus of $1.743 billion ($1.88 billion originally) in July, according to figures from the Australian Bureau of Statistics yesterday.
The market forecast was for a surplus of $2.3 billion in the month.
During the month, exports were down 2.0%, seasonally adjusted, while imports were down 5%, with the absence of the $$477 million cost of the six Super Hornet jet fighters imported in July, a major influence.
The RBA would have been more interested in the solid performance of resource exports because it shows the boom is still going strongly.
The jet fighters are a big ticket defence item and nothing to do with the wider economy, except that it will take fewer Australian dollars to pay for these fighters.
In fact the ABS pointed out that the sharp fall in exports of coal (and to a lesser extent, iron ore) had been partly reversed in August.
The ABS said yesterday that "Between July and August 2010 exports of hard coking coal increased $466m (28%) on a recorded trade basis.
"Exports to China increased $243m (481%) and to India increased $179m (45%).
"This partially reversed the decrease of $629m (28%) between June and July 2010.
In the July report, the ABS had reported: "The adjustments for metal ores and minerals are $218m in June and $200m in July. The adjustments for coal, coke and briquettes are $345m in June and $145m in July."
Yesterday, the ABS reported that the surplus for August of $2.346 million was up $603 million on the revised surplus in July 2010.
In seasonally adjusted terms, the ABS said exports fell 2% or $608 million to $24.711 billion, thanks to a 32% or $401 million drop in exports of non-monetary gold. Exports of non-rural goods fell $145 million and there was an $85 million fall in shipments of rural goods.
"The main component contributing to the fall in the seasonally adjusted estimates was metal ores and minerals, down $646m (10%).
"Partly offsetting this decrease were the following components: coal, coke and briquettes, up $360m (10%), other non-rural (incl. sugar and beverages), up $55m (5%), other mineral fuels, up $46m (2%).
Imports fell $1.211 billion of 5% to $22.365 billion.
The ABS said imports of "intermediate and other merchandise goods fell $1,052m (12%), capital goods fell $127m (3%) and non-monetary gold fell $78m (22%). Consumption goods rose $42m (1%).
