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Australia Posts Record Trade Surplus Thanks to Mining Industry

By Joel ScanlonAug 5 2010

Australia has posted a record monthly trade surplus of $3.54 billion dollars for the June period. The Australian Bureau of Statistics said that this was the highest surplus ever recorded.

It was double the forecast and was aided by a 23% rise in the value of iron and copper ore exports besides a 15% rise in coal volume increase.

The exports exceed imports by $3.5 billion for the month of June. This gave the trade surplus a record high beating the previous record by more than $1 billion. In the 40 years that such records have been kept, this is the highest that the trade surplus has ever reached.

According to economist Ben Jarman from JP Morgan it is a good result and will flow through to pretty solid gains in the national income for Australia. The trade balance has returned to surplus in April after 13 months of being in the red thanks to the global recession.

The commodity exports to Asia have helped the country to escape the worst of the economic slowdown which hit other advanced economies around the world. China exports jumped 7.7 % while exports to Japan and India were at 5.1 % and 13.2% respectively.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Australia Posts Record Trade Surplus Thanks to Mining Industry. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=187.
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Scanlon, Joel. "Australia Posts Record Trade Surplus Thanks to Mining Industry". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=187>.
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Scanlon, Joel. 2019. Australia Posts Record Trade Surplus Thanks to Mining Industry. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=187.