(5 August 2024 – Australia) Australia’s June 2024 goods export surplus of A$5.59 billion concluded the financial year at half the value of the June 2023 value of A$9.87 billion according to Australian Bureau of Statistics (ABS) data.
The ABS reported that the goods balance rose to A$5.59 billion, up from a revised A$5.05 billion in May and exceeding market forecasts of A$5.0 billion. Exports increased by 1.7 percent from the previous month, primarily due to gains in commodities, while imports rose by 0.5 percent from the previous month, mainly driven by capital goods including aircraft.
Total exports for the year ended at A$43.77 billion, down from A$45.02 billion in June 2023 and the financial year peak of A$46.61 billion in August. Imports for the financial year totalled A$38.18 billion, up from A$35.15 billion in June 2023 and a peak of $39.31 billion in March of this year.
Despite a small increase in the surplus in June 2024, the overall trend remains in a firm downtrend with the slight improvement driven by increased exports of farm goods and liquefied natural gas (LNG). The June 2024 export surplus was even lower than the A$10 billion surplus in May 2023 wile the peak monthly surplus for the 2023/24 financial year was registered in November 2023, hitting A$11.76 billion.
Australia’s current account balance fell by A$7.6 billion to a deficit of A$4.9 billion in Q1 2024.
“The current account deficit reflects a smaller trade surplus, driven by a rise in the imports of goods, while the net primary income deficit increased. The prices of goods exports fell, led by metal ores prices, after a rise in the December quarter. The price of exported goods was 10.3 percent lower compared to this time last year” stated ABS Head of International Statistics, Grace Kim.
“GDP growth was weak in March, with the economy experiencing its lowest through the year growth since December 2020. GDP per capita fell for the fifth consecutive quarter, falling 0.4 percent in March and 1.3 percent through the year” commented ABS Head of National Accounts, Katherine Keenan.