Australia Achieves Record Trade Surplus
Australia recorded a record trade surplus of $2.95 billion in October.
This surplus was achieved despite the escalating global financial crisis at that time. It indicates that Australia’s export performance will play an important role in sustaining our economy during this period of international economic instability.
The record surplus in October of $2.95 billion was $1.7 billion larger than the September trade surplus of $1.3 billion.
Australia has now recorded trade surpluses in four of the past five months continuing the emerging improvement in our trade performance.
It is critical that we continue to improve our export performance to sustain our economy beyond the resources boom. Particularly, as the outlook for global growth has significantly lowered expectations for commodity prices.
Exports of goods and services rose by 7 per cent to a record $28.1 billion in October 2008. This was assisted by higher prices in Australian dollar terms for resources exports and a large jump in rural exports.
- Coal exports rose 20 per cent to $6.3 billion and rural exports rose 13 per cent to $2.6 billion.
- Services exports rose 1 per cent to $4.8 billion.
- Rural exports rose 13 per cent to $2.6 billion with all rural products recording strong increases.
- Manufactured exports rose by 3 per cent to $4.4 billion reflecting increases in exports of machinery and transport equipment.
Australia’s increasing economic integration into the Asian region is paying real dividends. In the 12 months to October 2008, Australia’s fastest growing export markets were:
- Japan up 37 per cent to $43.5 billion;
- China up 38 per cent to $32 billion;
- Korea up 27 per cent to $16.9 billion; and
- India up 32.7 per cent to $12.4 billion.
It is critical that Australia continue to improve its trade performance at this time of global economic uncertainty. To achieve this, the Government will continue to pursue productivity enhancing measures to improve our international competitiveness to ensure our export community continues to help turn our trade performance around.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555