5 March 2009
Sixth consecutive trade surplus in January
Australia's trade surplus increased by $553 million to $970 million in January 2009, according to official figures released this morning by the Australian Bureau of Statistics.
‘The January trade surplus is the sixth-consecutive monthly trade surplus and the eighth-largest on record,' said the Minister for Trade Simon Crean.
The increase in the trade surplus was the result of a seven per cent drop in import values, which exceeded the fall in export values of five per cent.
‘Exports fell for the third month in a row showing that the global economic downturn continued to have a dramatic impact on the Australian economy in January,' Mr Crean said. ‘However, Australia's export performance still compares favourably with other countries in the region.'
China, Japan, Korea and Singapore all reported falls in the value of their merchandise exports of between 18 and 45 per cent compared to their value in January 2008. In comparison, Australia's exports (in original terms) were 27 per cent higher in January this year than in January 2008.
Mr Crean said that it was vital that the world take collective action to support trade and not resort to protectionism.
‘Trade – and the stimulus it can provide to economies - will play an integral role in our efforts to recover from the global economic crisis,' he said.
‘The Government continues to advocate strongly for a coordinated global response to the crisis, including through the G-20,' he said. ‘From a trade perspective, this means reinforcing the international community's commitment to avoid protectionist measures.'
‘It also means making real progress on the WTO Doha Round. A successful conclusion to the Round would counteract any further slide towards protectionism and help stimulate global economic confidence at this critical time.'
According to the figures, the value of resource exports fell 8 per cent, with coal exports falling 19 per cent to $4.4 billion. A 12 per cent ($129 million) fall in metal exports drove manufactured exports 7 per cent lower in the month. Rural good exports fell 3 per cent, while services exports rose marginally.
Imports fell 7 per cent to $23.3 billion, as falls in imports of capital goods and petroleum were partially offset by an increase in imports of non-monetary gold.
Data for the 12 months to January 2009 illustrated the importance of the ASEAN market to Australian exporters. Merchandise exports to the region were up 22 per cent to $22.6 billion.
Mr Crean said that opportunities for Australian exporters would increase with the entry into force of the Australia-Chile Free Trade Agreement on Friday 6 March and the recently signed ASEAN-Australia-New Zealand Free Trade Agreement, Australia's largest ever FTA.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555