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Export boom delivers record trade surplus for Australia

Export boom delivers record trade surplus for Australia article image

Australia’s export sector continues to boom with new data showing Australia recorded its largest ever monthly and financial year trade surplus.

New data released from the Australian Bureau of Statistics shows that Australia posted a record trade surplus of $49.89 billion for the 2018-19 financial year and a record monthly trade surplus of $8.036 billion (seasonally adjusted) in June.

Australia exported nearly $470 billion worth of goods and services in 2018-19, an increase of more than $66 billion on the previous financial year.

Goods exports grew by 18 per cent and service exports grew by 9.9 per cent in 2018-19.

“These bumper results show the ongoing strength and international competitiveness of our export sector,” says Trade Minister Simon Birmingham.

“Despite global trade headwinds, Australia’s six largest monthly trade surpluses have all been recorded in 2019, with Australia also now recording 18 consecutive monthly trade surpluses, an achievement that has not occurred since 1972-1973.”

Senator Birmingham says the strong results demonstrate the Government’s commitment to promoting free trade and open markets.

One in five jobs trade related

"Increased access to international markets for Australian farmers and businesses has been a major factor in our strong export performance, he said.

"With one in five jobs in Australia trade related, and our Government committed to boosting the number of Australians employed in trade related jobs by an extra 240,000, we need to continue efforts to expand access to international markets.”

Senator Birmingham says the impact of global trade tensions and volatility of commodity prices means there is no room for complacency.

There still many threats to be managed, he says.

“That’s why we’re progressing trade negotiations with the European Union and why we will move as soon as practicable to secure a trade deal with the United Kingdom.

“I have also just returned from discussions in Beijing where we are on track to conclude negotiations on the Regional Comprehensive Economic Partnership by the end of this year.”

Senator Birmingham urged the Opposition to support free trade agreements with Indonesia, Peru and Hong Kong to unlock new opportunities for Australian exporters.

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