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Add to Preferred SourcesAustralia recorded its largest financial year trade surplus in 2019-20, off the back of booming goods exports, according to new data released from the Australian Bureau of Statistics.
The data shows that despite severe global economic shocks from COVID-19, Australia posted a record financial year trade surplus of $77.4 billion in 2019-20 with Australian goods exports growing by $9.29 billion or 2.5 percent. Australia also recorded its 30th consecutive monthly trade surplus in June 2020, worth $8.2 billion, the second-highest monthly trade surplus.
Federal Trade Minister Simon Birmingham said the COVID-19 pandemic was testing all Australian producers and businesses, but today’s data highlighted the incredible strength and resilience of the export sector.
“Despite the ongoing domestic and international challenges, Australian exporters across a range of sectors like resources, agriculture and advanced manufacturing continue to withstand global economic shocks and remain highly sought after in our key markets,” Minister Birmingham said.
The continuing strength of exporting sectors reinforces the importance for Australia of keeping trading channels open and accessible, expanding market access through even more trade agreements, and continuing to support a global, rules-based trading system.
The current COVID-19 crisis continues to place immense pressure on parts of the services sector, including tourism and education businesses, many of whom felt the earliest and deepest aspects of the economic downturn.
“Our Government has taken significant steps to support businesses and jobs across the tourism sector through cash payments of up to $100,000 and the extension of the JobKeeper payment until the end of March next year,” Mr. Birmingham said.
The Government’s strong track record of delivering high-quality free trade agreements with key-trading partners has helped cushion the blow for local exporters. That is why Australia continues to pursue agreements with its key trading partners including with European Union and the United Kingdom, to open up new markets for Australian farmers and businesses.
Original source: DFAT
Published on 4 August 2020