Australia’s trade surplus remains near record highs

The Australian Bureau of Statistics (ABS) today released trade data for the month of September, with Australia’s trade surplus rising to $7.2 billion from $6.6 billion in August:

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

In September, exports (credits) and imports (debits) both rosel:

In seasonally adjusted terms, goods and services credits rose $1,452m (3%) to $43,215m. Non-rural goods rose $586m (2%), non-monetary gold rose $558m (26%) and rural goods rose $240m (6%). Net exports of goods under merchanting remained steady at $15m. Services credits rose $69m (1%).

In seasonally adjusted terms, goods and services debits rose $889m (3%) to $36,034m. Capital goods rose $702m (12%), intermediate and other merchandise goods rose $474m (4%) and consumption goods rose $64m (1%). Non-monetary gold fell $373m (34%). Services debits rose $22m.

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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