August an all-time record month for exports

Australia exported more in the month of August than in any other month in its history, the Australian Government Minister for Trade, Warren Truss, said today.

Exports of $18.6 billion were up 2 per cent, or $321 million, from July 2007, with strong growth in resources leading the way. The result beat the previous record month of June 2006.

However, a major fall in wheat and other cereal grain exports and increased imports of fuel and civil aircraft meant the trade deficit rose by $731 million to $1.61 billion in August.

Export growth was strongest in resources, up 8 per cent to $6.4 billion. Services export rose by 1 per cent to $4.1 billion, while manufactured exports were down 3 per cent to $3.8 billion and rural exports were down 4 per cent to $1.8 billion.

Exports to North Asia continued to grow strongly, and were up by 9 per cent in the 12 months to August.

Exports to China were up by 24 per cent and by 32 per cent to India. Overall, exports and imports are both up by 8 per cent over the 12 months to August.

Imports rose by 5 per cent to $20.3 billion in August, the first time that they have topped $20 billion.

The main factors were purchases of civil aircraft increasing by $289 million due to continuing growth in the aviation industry and fuel imports rising by $403 million.

Today’s figures follow last week’s release of an ABARE report on Australian commodities which forecast a four per cent increase in commodity and resources export earnings in 2007-08.

The same report also forecast that farm commodity exports would increase by three per cent in the same period.

Media Inquiries: Minister Truss' office 02 6277 7420 - Departmental Media Liaison 02 6261 1555