Australia posts record yearly trade surplus

Australia has posted a record trade surplus for the 2019 calendar year, highlighting the importance of our export sector to the nation’s economy.

New data released today by the Australian Bureau of Statistics showed that Australia posted its largest ever calendar year trade surplus of $67.6 billion, whilst also posting a $5.2 billion trade surplus in December 2019, the 24th consecutive monthly trade surplus.

Minister for Trade, Tourism and Investment Simon Birmingham said Australia’s annual record trade surplus was supported by record levels of goods and services exports.

“Our Government’s strong track record of delivering high-quality free trade agreements with our key-trading partners has helped exports reach record levels,” Minister Birmingham said.

“Australia has now for the first time, posted a monthly trade surplus for 24 consecutive months, helping to boost our economy and create more jobs.

“Despite these strong results, we are acutely aware of the current domestic and international challenges our economy and exporters face as a result of the drought, coronavirus and bushfires.

"That is why our Government continues to pursue further free trade agreements with our key trading partners including with European Union and shortly with the United Kingdom, to open up new markets for Australian farmers and businesses.

"By making our exporters more competitive in more markets around the world, these agreements will help to keep the fundamentals of our economy strong.

“We also look to forward to seeing the benefits start to flow for our free trade agreement with Peru which comes into effect next week and our trade deal with Indonesia which is now only a matter of months away.”

Australia’s goods exports rose 13.4 per cent to a record $391.8 billion in 2019, with services exports rising 8.9 per cent to a record $101.1 billion.