Trade surplus rockets to another record high

The Australian Bureau of Statistics (ABS) today released trade data for the month of June, with Australia’s trade surplus hitting a record high $8.0 billion:

The next chart shows the trade balance on a quarterly basis and reveals a record high trade surplus of $19.0 billion, up $3.9 billion over the quarter and $15.4 billion over the year:

In June, exports (credits) rose and imports (debits) fell:

  • In seasonally adjusted terms, goods and services credits rose $576m (1%) to $42,378m. Non-rural goods rose $758m (3%). Rural goods fell $170m (4%) and non-monetary gold fell $37m (2%). Net exports of goods under merchanting remained steady at $18m. Services credits rose $26m.
  • In seasonally adjusted terms, goods and services debits fell $1,287m (4%) to $34,342m. Capital goods fell $600m (9%), consumption goods fell $450m (5%) and intermediate and other merchandise goods fell $366m (3%). Non-monetary gold rose $132m (28%). Services debits fell $2m.

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!

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