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Australian exports contribute to record trade surplus

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Australian exports contribute to record trade surplus article image
Australia's total goods and services exports almost reached $300 billion in the 2010/2011 financial year. This is an increase of more than 17 percent year-on-year. The rise contributed to this year's record trade surplus of $20.9 billion and was significantly higher than the growth in imports of goods and services, also up more than seven percent. According to a Department of Foreign Affairs and Trade (DFAT) publication, Composition of Trade 2010-11, this growth in exports was largely led by the mineral sector which recorded a growth of more than 48 percent. A 21.7 increase in fuel exports also contributed to the record year. According to the report, China came out as Australia's strongest two-way trade partner, followed by Japan and the United States. The report also shows that Australia's top three exports were iron ore and concentrates, coal and education-related travel services. The release of this document marks a new era in DFAT reporting, with an accompanying range of tables allowing users easy access to trade time series data. More information and the accompanying tables can be found on the DFAT website.

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