Trade surplus retraces from record high

The Australian Bureau of Statistics (ABS) today released trade data for the month of July, with Australia’s trade surplus retracing to $7.3 billion from $8.0 billion in June:

The next chart shows that Australia’s trade surplus is still running near record highs:

In July, exports (credits) and imports (debits) both rose:

  • In seasonally adjusted terms, goods and services credits rose $270m (1%) to $42,538m. Non-monetary gold rose $1,086m (66%). Non-rural goods fell $807m (3%), rural goods fell $42m (1%) and net exports of goods under merchanting fell $6m (33%). Services credits rose $38m.
  • In seasonally adjusted terms, goods and services debits rose $979m (3%) to $35,270m. Intermediate and other merchandise goods rose $541m (5%), consumption goods rose $378m (4%) and non-monetary gold rose $177m (29%). Capital goods fell $87m (1%). Services debits fell $30m.

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!

Leith van Onselen

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