Australian trade is booming due to surging growth in Australia’s fossil fuel exports of coal and gas.
Minster for Resources and Northern Australia Matt Canavan said today that the latest ABS International Trade in Goods and Services figures reveal Australia’s trade surplus climbed to $3 billion in September – driven by strong growth in the value of resource exports.
“I welcome these latest trade results, which exceeded market expectations,” Minister Canavan said.
“Australia’s trade figures confirm the vital contribution Australia’s booming minerals sector is making to the Australian economy.
“In seasonally adjusted terms, the balance on goods and services was a surplus of $3,017 million in September 2018, up $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.”
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 $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.”