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Aussie two-way trade with China topped $100 bln

Australia's two-way trade with China topped Aus$100 billion ($US105.64 billion) for the first time last year, data showed Wednesday, with surging coal and iron ore exports boosting national coffers.

According to a Yahoo report citing Foreign Office figures, Australia’s total trade with China, Australia's top partner, grew 23.6% in 2010 to AUD$105.3 billion, accounting for 19.1 % of all imports and exports.

Japan came a distant second, at $66.1 billion or 12%, followed by the United States, with 9% or $49.8 billion.

Resources shipments saw total exports to China spike 34.3% from 2009 levels, with the value of iron ore exports up 64.3% on-year at $49.4 billion and coal 8.9 % higher at $43 billion.

Both are key steelmaking ingredients.

Minerals exports were worth $69.5 billion in 2010, growing 50.8% from the previous year to account for 30.1% of total exports, while fuel rose 15.1% to $66.6 billion, or a 28.8% share.

Australia's total exports grew 13.9% to $284.6 billion, with imports also rising 5.4% to $267.8 billion.

Source: Yahoo Business News