Tony Burke MP, Acting Minister for Trade
8 January 2009
Third highest monthly trade surplus on record
Australia’s trade surplus of $1.45 billion in November last year was the fourth straight monthly trade surplus.
Acting Trade Minister Tony Burke said that despite a fall compared to October 2008, the November result was still the third highest monthly trade surplus on record and the value of exports during November was the second highest on record.
“We have to remember that the October figure was an all-time record, so exports in November held up remarkably well given the global downturn,” Mr Burke said.
“In the face of falling global demand, Australian exports have dipped only slightly during the month, and services exports in fact rose to $4.6 billion in November.
“The fall in the value of Australian exports during November was significantly less than some of Australia’s largest trading partners, such as Japan which recorded a 27 per cent decline in exports,” Mr Burke said.
Key features of the November data which were released by the Australian Bureau of Statistics today were:
- Exports of goods and services down 4 per cent to $26.9 billion;
- Imports of goods and services up 2 per cent to $25.5 billion partly due to an increase in imports of non-monetary gold (up 67 per cent);
- Large falls in export volumes of steel-making materials notably iron ore (down 24 per cent) and metallurgical coal (down 15 per cent);
- Rural exports fell 1 per cent to $2.5 billion on lower exports of meat (down $50 million) and cereals (down $41 million);
- Services exports rose $13 million (less than 1 per cent) to $4.6 billion.
Australia has now recorded trade surpluses in five of the past six months maintaining the improvement in our trade performance.
Monthly surpluses were:
- November: $1.45 billion
- October: $2.96 billion
- September: $1.11 billion
- August: $1.36 billion
- July: ($409 million deficit)
- June: $220 million
Record monthly trade surpluses:
- October 2008: $2.96 billion
- June 1997: $1.54 billion
- November 2008: $1.45 billion
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