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.
Australia’s trade surplus hit a record high $10.1 billion in January 2020.
As expected, commodity exports are roaring on the back of iron ore, more than offsetting collapsing services exports caused by the closure of Australia’s international border, which has prevented international tourists and students from arriving:
The iron ore boom has more than offset the collapse in services exports caused by the closure of Australia’s international border.
China’s boycott of Australian exports is clearly having minimal impact on Australia’s trade balance, which is healthier than ever.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
- SEEK job ads hit all-time high in March - April 16, 2021
- Collapsing immigration slashes youth unemployment - April 16, 2021
- Politicians abandon Aussies, roll out welcome mat to foreigners - April 16, 2021
YOU MAY ALSO BE INTERESTED IN
Australia will block iron ore if China invades Taiwan
Some very important articles today point to the
SEEK job ads hit all-time high in March
From SEEK: OVERVIEW OF MARCH 2021: STATE OF
Collapsing immigration slashes youth unemployment
Yesterday's employment report from the Australian
Morrison quietly launches vaccine passports
The Morrison Government vaccine failure continues