The Australian Bureau of Statistics (ABS) released trade data for the month of June, which registered a solid lift in Australia’s trade surplus to $8,202 amid solid (3%) export growth:
Key points as follows:
- The balance on goods and services surplus rose $861m to $8,202m in June 2020.
- Goods and services credits rose $1,219m (3%) to $36,186m.
- Goods and services debits rose $358m (1%) to $27,984m.
Below is the export breakdown:
- In seasonally adjusted terms, goods and services credits rose $1,219m (3%) to $36,186m.
- Non-monetary gold rose $687m (41%)
- Non-rural goods rose $144m (1%)
- Rural goods rose $125m (4%)
- Net exports of goods under merchanting rose $2m (4%)
- Services rose $260m (4%).
And here is the import breakdown:
- In seasonally adjusted terms, goods and services debits rose $358m (1%) to $27,984m.
- Consumption goods rose $549m (7%)
- Intermediate and other merchandise goods rose $429m (5%)
- Non-monetary gold fell $534m (40%)
- Capital goods fell $125m (2%)
- Services rose $40m (1%).
Over the June quarter, Australia’s trade surplus was $23.4 billion, down $6.4 billion from the March quarter’s $29.8 billion:
Australian exports remain at historically high levels, driven by iron ore and natural gas.