Today, the Australian Bureau of Statistics released data on international trade in goods and services, revealing an increase of $824 million in the nation’s goods and services surplus for June 2023.
The balance on goods and services reached a total of $11.3 billion for June.
However, the report also highlighted areas of concern, as goods and services credits (exports) experienced a decline of $987 million. This was primarily driven by the faltering performance of energy prices, specifically ‘other mineral fuels’ such as crude oil and gas, both LNG and LPG.
On the imports front, goods and services debits decreased by $1.81 billion, mainly due to a decline in ‘non-industrial transport equipment.’
Breaking down the trade data, the decrease in goods credits was led by a drop in ‘general merchandise,’ specifically ‘non-rural goods.’ General merchandise decreased by 2.8 per cent, and rural goods fell by 1.2 per cent, with cereal grains and cereal preparations being down by 4.8 per cent.
However, there was a silver lining as services exports increased by 2.1 per cent. The growth was observed across various sectors, including transport and other services. Travel services also displayed resilience, noting an uptick of three per cent.
Overall, these numbers indicate both positive and negative trends in Australia’s international trade, reflecting the dynamic nature of the global economy and its impact on the nation’s goods and services.