Record trade surplus for Australia

Surging export values of rural goods, iron ore and coal have delivered Australia its largest ever trade surplus of $4.7 billion for the December quarter.

This record result was driven by large increases in export values to China, Japan, Korea, Hong Kong, Singapore, Taiwan, the United Kingdom and Thailand.

The growth in rural exports was underpinned by strong gains in vegetables, oil seeds, wool, meat and fresh dairy products.

The December quarter also saw a strong $6.3 billion narrowing in the current account deficit to $3.9 billion, Australia's lowest deficit since 2001.

Australia's impressive overall trade position in 2016 was boosted by large increases in export volumes of LNG and coal as major infrastructure projects in those sectors came online.

Tourism also made a significant contribution to our exports, as Australia continues to attract a record number of international visitors.

Today's record surplus highlights the Coalition's economic plan and ambitious trade agenda is working. They are creating more export opportunities, driving economic growth and creating new jobs.