Value of Australian exports has surged to a new record level in the March quarter.
(7 June 2017 – Australia) The latest figures released by the Australian Bureau of Statistics (ABS) show the trade surplus increased to a record of A$9.2 billion in the March quarter following the record level set in December 2016.
Trade Minister Steven Ciobo said the latest figures highlight the fundamental strength of Australia’s trade performance.
Sitting at A$3.1 billion, the record figures mark the lowest ratio of the current account deficit (CAD) as share of GDP in more than 37 years.
The March results were driven by strong rises in export values of both rural and non-rural goods, with large rises reported in cereals, meat, iron ore and coal. Additionally, the value of services exports also increased steadily, reaching A$18.6 billion in the latest quarter.
“In particular, exports of education-related travel services have helped propel total travel exports to a record $11.5 billion,” Minister Ciobo said.
Compared to a year earlier, there were large increases in merchandise export values to China, Japan, Hong Kong, Korea, Indonesia, Taiwan, Malaysia, and Germany.
Minister Ciobo said trade agreements, including those with China, Korea and Japan, will continue to deliver substantial benefits for Australia for decades to come.