Australia posts record trade surplus in Q2 2021

The ABS released trade data for the June quarter with Australia recording a record $28.1 billion trade surplus:

Trade balance

Record trade surplus in Q1 2021.

The massive surplus was driven by iron ore exports, which soared to $152 billion in the 2020-21 financial year:

Commodity exports

Record iron ore exports.

However, the boom in exports over Q2 were driven entirely price increases, with export prices rising 13.2% over the June quarter.

Therefore, actual export volumes fell over the quarter and should subtract from Q2 GDP, despite adding to national income.

Unconventional Economist
Latest posts by Unconventional Economist (see all)

Comments are hidden for Membership Subscribers only.