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!

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