Australia’s trade surplus lifts

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.

Leith van Onselen
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