Australia has posted a record trade surplus for the 2019 calendar year, led by minerals, metals and energy commodities reaching a record new high of $290 billion.
New data released 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.
The resources and energy industry’s major contribution was delivered through the metal ore mining ($110.5b), coal ($64.5b) and oil and gas ($59.b) sub-sectors.
Commenting on the record figures, Australian Resources and Energy Group AREEA said the continued upward spiral of the sector presented vast opportunities to stimulate further industry growth.
AREEA continues to call on the Morrison Government to consider implementing the full suite of policies within its National Resources Statement to continue developing Australia’s world-leading industry and support its ongoing global competitiveness.
“These export figures deliver great confidence to employers and the broader industry about future prospects,” AREEA Head of Policy and Public Affairs Tom Reid said.
“It’s also another reminder of how significantly the resources and energy industry contributes to Australia’s economic well-being and living standards through the generation of significant taxes and royalties to national revenues, along with being a source of high-skilled, high-paying jobs.”
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.
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.