Australia Posts Largest Trade Surplus on Record


Australia's trade surplus widened to AUD 8.04 billion in June 2019 from an upwardly revised AUD 6.17 billion in the previous month, easily beating market expectations of AUD 6 billion. It was the largest trade surplus on record.

Exports increased 1 percent from the previous month to an all-time high of AUD 42.38 billion in June. Sales of non-rural goods rose 3 percent to AUD 28.53 billion, driven by metal ores and minerals (5 percent), coal, coke and briquettes (4 percent), other manufactures (6 percent), and metals excluding non-monetary gold (21 percent). Conversely, sales of rural goods fell 4 percent to AUD 3.82 billion, led by cereal grains and cereal preparations (-36 percent) and wool and sheepskins (-19 percent). Also, sales of non-monetary gold declined 2 percent to AUD 1.65 billion. Meanwhile, exports of services were flat at AUD 8.35 billion.
 
Meanwhile, imports dropped 4 percent to AUD 34.34 billion. Purchases of capital goods tumbled 9 percent to AUD 6.29 billion, in particular machinery and industrial equipment (-5 percent), telecommunications equipment (-9 percent), and industrial transport equipment n.e.s (-18 percent). Also, purchases of consumption goods declined 5 percent to AUD 8.35 billion, due to non-industrial transport equipment (-13 percent), consumption goods n.e.s (-6 percent), household electrical items (-3 percent), and toys, books, and leisure goods (-3 percent). Imports of intermediate goods and other merchandise goods fell 3 percent to AUD 10.62 billion, mainly dragged down by fuels and lubricants (-11 percent), and parts for transport equipment (-4 percent). By contrast, purchases of non-monetary gold jumped 28 percent to AUD 610 million. Imports of services were little-changed to AUD 8.48 billion.
 
Considering the first half of the year, the trade surplus soared to AUD 34.17 billion from AUD 7.56 billion in the corresponding period of 2018.

Australia Posts Largest Trade Surplus on Record


Australian Bureau of Statistics | Chusnul Ch Manan | chusnul@tradingeconomics.com
8/6/2019 10:26:17 AM