The Australian Bureau of Statistics (ABS) today released trade data for the month of May, with Australia’s trade surplus surging to $5.7 billion:
The below chart shows that Australia’s trade surplus is running at the highest level on record:
Both exports (credits) and imports (debits) rose:
- In seasonally adjusted terms, goods and services credits rose $1,442m (4%) to $41,585m. Non-rural goods rose $1,316m (5%), rural goods rose $46m (1%) and non-monetary gold rose $22m (1%). Net exports of goods under merchanting fell $1m (5%). Services credits rose $58m (1%).
- In seasonally adjusted terms, goods and services debits rose $515m (1%) to $35,839m. Capital goods rose $348m (5%), non-monetary gold rose $68m (17%) and intermediate and other merchandise goods rose $66m (1%). Consumption goods fell $73m (1%). Services debits rose $107m (1%).
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, coal and iron ore exports:
Shame they are mostly 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!