3 February 2009
Fifth Consecutive Trade Surplus
Australia recorded a trade surplus of $589 million in December 2008, the nation’s fifth consecutive monthly surplus.
Despite the deepening global recession, Australia’s trade performance is holding up remarkably well, said the Minister for Trade Simon Crean.
In the first six months of 2008-09, Australia recorded a $6.2 billion trade surplus - an $18.3 billion turnaround on the same period last year.
Mr Crean said Australia’s trade performance was heartening in the midst of grim economic times.
“In particular, it is encouraging to see rural exports jumped 7 per cent on the previous month to reach $2.6 billion in December.
“The export of services also grew in December to $4.7 billion.
“While there was a fall in Australian exports, the drop of 3 per cent was much less than other nations in the region,” he said.
In December, the value of Japanese exports fell 35 per cent and Singaporean exports dropped 20 per cent.
Mr Crean said despite the strong performance, Australia was not immune from the worldwide downturn.
“Six out of our top ten trading partners are in recession and the International Monetary Fund is forecasting the Australian economy to contract slightly in 2009.
“More than ever we need to increase our efforts to promote trade to stimulate economic growth.”
“World trade is part of the solution to the global financial crisis,” he said.
The value of Australian exports fell 3 per cent in December to about $26 billion.
Data released today showed in the 12 months of 2008, Australia’s fastest growing major export markets were all in Asia.
Exports to Japan were up 58 per cent to $50.3 billion and exports to China grew 39 per cent to reach $33 billion for the year.
Media Inquiries: Mr Crean’s office - 02 6277 7420 - Departmental Media Liaison 02 6261 1555