Despite severe global economic challenges from COVID-19, Australia has recorded its largest financial year trade surplus in 2019-20 off the back of booming goods exports.
A media release from the office of the Federal Trade Minister, dated 04 August 2020, has announced that Australia has recorded its largest financial year trade surplus in 2019-20, off the back of booming goods exports.
Data released by the Australian Bureau of Statistics shows that, despite the undeniable global economic shocks wrought by 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%. Australia also recorded its 30th consecutive monthly trade surplus in June 2020, worth $8.2 billion, the second highest monthly trade surplus.
Australia enjoys the benefits of numerous free trade agreements with other countries. We import and export a range of goods, from machinery and minerals to meat and aluminium, and overall consider ourselves to be an exporting nation. Australia’s main trading partners are in Asia – China, Japan, South Korea and India - with the USA also included in our top five import/export markets.
Federal Trade Minister Simon Birmingham said the COVID-19 pandemic was testing all Australian producers and businesses, but this week’s data highlighted the incredible strength and resilience of our export sector.
He said that, notwithstanding factors such as rising export costs and disruptions to supply-chains, our exporters “continue to show incredible resilience and ability to navigate through these significant global economic headwinds."
The release from the Minister’s office highlighted the government’s action to keep supply chains open for agricultural and fisheries exporters through initiatives such as the $350 million International Freight Assistance Mechanism (IFAM), which has so far supported over $1 billion in exports and helped to protect regional jobs.
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