The Australian Bureau of Statistics (ABS) today released trade data for the month of April, with Australia’s trade surplus flat at $4.9 billion:
The below chart shows that Australia’s trade surplus is running near the highest level on record:
Both exports (credits) and imports (debits) rose:
- In seasonally adjusted terms, goods and services credits rose $968m (2%) to $40,425m. Non-rural goods rose $691m (3%), non-monetary gold rose $272m (20%) and net exports of goods under merchanting rose $8m (73%). Rural goods fell $67m (2%). Services credits rose $65m (1%).
- In seasonally adjusted terms, goods and services debits rose $985m (3%) to $35,554m. Intermediate and other merchandise goods rose $423m (4%), capital goods rose $308m (5%) and consumption goods rose $298m (3%). Non-monetary gold fell $40m (9%). Services debits fell $5m.
The below charts track the growth and share of exports by major component:
As you can see, mining is dominating, driven in recent times by booming LNG and coal exports:
Shame they are primarily foreign owned and most of the benefits flow offshore, whereas in the case of LNG they have raised domestic gas prices, crushing both households and industry!