Strong resources exports drive FY trade surplus in Australia

Australia delivered a full-year trade surplus of AUS$49.9 billion thanks to record high exports from the resources sector, which has been boosted by higher commodity prices during the last year.

Iron ore was again Australia’s biggest single contributor to exports, delivering $77 billion in revenue over the year, while also setting a new record for a single month of exports in June, with $9.5 billion.

Other major export revenue streams from the resources sector included coal ($69 billion), aluminium ($15.6 billion) and copper ($9.9 billion). These commodities drove Australia’s resources sector to account for 58% of its total export revenue in 2018–2019.

Minerals Council of Australia chief executive Tania Constable said the results highlight the vital role that the resources industry plays in a successful Australian economy.

“This record revenue will sustain Australia’s economic growth and continue to deliver the funding for teachers, nurses, police and other services on which Australians rely on while funding new infrastructure projects to keep Australia moving,” she said.

Australia’s resources exports have doubled over the last 10 years, following around $250 billion worth of investment in the national mining industry.

@AusBNOnline