Australian trade surplus growing on resource exports
PERTH (miningweekly.com) – Australia’s trade surplus grew to some A$3-billion in September, driven by strong growth in the value of resource exports, new data from the Australian Bureau of Statistics (ABS) has shown.
“Australia’s trade figures confirm the vital contribution Australia’s booming minerals sector is making to the Australian economy,” federal Resources Minister Matt Canavan said on Friday.
“In seasonally adjusted terms, the balance on goods and services was a surplus of A$3-billion in September 2018, up A$675-million from the August result. Minerals and fossil fuel exports drove the rise in exports, with iron-ore exports growing strongly as well as exports of gas.”
The ABS noted that the export of iron-ore lumps increased by 6%, or A$97-million, while iron-ore fines exports were up by 3%, or A$106-million, while hard coking coal exports rose by 7%, or A$162-million, while semi-soft coking coal exports were down by 7%, or A$69-million.
Thermal coal exports also decreased by 10%, or A$232-million, while liquefied natural gas (LNG) exports were down by 2%, or A$85-million.
Minister Canavan said these figures confirm that coal has overtaken iron ore as Australia’s largest export for the past 12 months, with coal exports reaching A$63-billion in the 12 months to September 2018.
“Australia’s fossil fuel exports now account for a third of merchandise exports – a record amount.
“Australia’s coal and gas industries don’t just help provide power throughout the world, they also provide enormous wealth and jobs for Australians.”
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