Media Release
5 August, 2009
Record Trade Surplus of $5.8 Billion for the Year
Minister for Trade Simon Crean has welcomed the release of trade figures today by the Australian Bureau of Statistics showing Australia produced record exports of $285.7 billion in 2008-09 and a record trade surplus of $5.8 billion.
Mr Crean said it was a great achievement in the middle of the worst recession in more than 75 years.
"The financial year surplus of $5.8 billion is not only the first since 2001-02, it is also the largest on record," he said.
The value of exports increased by $51.8 billion in 2008-09, compared to the previous financial year.
"It is a testament to the perseverance of Australian exporters and the quality of their products that they have been able to increase their sales in such difficult circumstances," Mr Crean said.
Mr Crean said although eight of Australia’s top ten trading partners have been in recession and commodity prices have fallen dramatically, export volumes have held up well - particularly exports to China.
"‘The growth in exports to China in recent months has been remarkable. For the first time since 1988-89 Australia recorded a surplus in merchandise trade with China in 2008-09," he said.
In June, Australia recorded a trade deficit of $441 million. This was a decrease of $296 million on the revised May trade deficit of $737 million.
The improvement in the deficit was driven by a 2 per cent rise in exports to $20.4 billion in June 2009, while imports remained steady.
Mr Crean said the monthly figure was encouraging.
"The June result was better than the market expected and particularly in light of the higher dollar which makes it harder to export.
"It should also be noted that these monthly figures reflect the value of exports and imports – not the volume.
"This is a very strong result as every country in the world has been buffeted by the global recession, but Australia continues to do better than almost every other nation.
"I am particularly pleased to the see the upturn in exports in June," he said.
In June, total coal export volumes continued to increase, rising 9 per cent in original terms. Iron ore exports fell back 7 per cent after a very strong month in May. Manufacturing exports increased 5 per cent in June, with exports of transport equipment (mostly cars) rising 25 per cent.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555 - Austrade: 02 9390 2388