Australia’s trade surplus soars to new high

Thursday 4 March 2021

The commodity boom continues to rain riches down on Australia with Australia’s trade surplus soaring to a new record high $10.1 billion after increasing by $3.0 billion in January, according to the Australian Bureau of Statistics.

The increase in Australia’s trade surplus was driven by a strong lift in exports, which rose $2.3 billion in January to $39.8 billion.

The trade surplus was also assisted by a $700 million fall in imports to $29.7 billion.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.