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206679
Mon, 09/12/2011 - 15:37
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Australia continues impressive trade run
SYDNEY (AAP) - 12 Sept - Australia has posted a trade surplus in 15 of the past 16 months, with exporters showing resilience in an uncertain global economic climate, despite the high Australian dollar.
Economists say the impressive result will drive a further improvement in the nation's current account deficit and underpin its top-line AAA credit rating - a bonus given the state of the global economy.
The Australian Bureau of Statistics on Monday reported a trade surplus of $1.82 billion for the month of July, barely changed from a revised $1.81 billion surplus in June.
It is the fifth consecutive seasonally adjusted monthly surplus since the disruptions caused by last summer's natural disasters that resulted in a small deficit in February.
Trade Minister Craig Emerson said while total exports in July slipped one per cent, there remained a solid engagement with regional partners over the past 12 months.
Shipments to China were up 35 per cent, while exports to Korea rose 27 per cent and those to Japan gained 23 per cent.
"An uncertain global economic climate, together with the strong Australian dollar, present formidable challenges for Australian exporters," Dr Emerson said in a statement.
"On the whole our exporters are succeeding despite having to bear these burdens."
TD Securities head of Asia Pacific research Annette Beacher said it was an "impressive" run of surpluses and had helped shrink the current account deficit (CAD) from five per cent of gross domestic product (GDP) in early 2010 to just over two per cent by mid-2011.
"Today's outcome is consistent with the current account deficit shrinking even further to 1.5 per cent of GDP by year-end," she said.
Commonwealth Bank of Australia senior economist Michael Workman said the relatively low CAD "should be positive for the Australian dollar and the maintenance of the AAA sovereign credit rating, in a period of rising global uncertainty".
Dr Emerson said the monthly fall in exports was mainly driven by a 12 per cent decline in coal shipments and a 19 per cent drop in 'other mineral fuels', although over the past year resource exports were still up 29 per cent.
"Australia's bulk commodity exports are continuing to recover from the effects of natural disasters on production and port facilities at the start of this year," he said.
Imports were also down about one per cent in July.
Treasurer Wayne Swan said last Wednesday's quarterly economic growth figures also showed Australia outperforming the rest of the developed world.
"What we are seeing is rising incomes, very strong investment and we also see very solid consumption. These are the building blocks of a strong economy," he told the first sitting of parliament since the national accounts figures were released.
Prime Minister Julia Gillard said it was an "appropriate time" to be holding a one-day jobs forum on October 6 at Parliament House in Canberra, following a government-hosted two-day tax forum.
But Australian Greens MP Adam Bandt described it as nothing more than a "talkfest", saying he would press ahead with a motion to parliament for an inquiry into manufacturing and jobs.
"We are disappointed that the government hasn't agreed to hold an independent inquiry," Mr Bandt told reporters in Canberra on Monday.
"Instead they've announced a talkfest that has all the hallmarks of something designed for the media cycle."
Economists say the impressive result will drive a further improvement in the nation's current account deficit and underpin its top-line AAA credit rating - a bonus given the state of the global economy.
The Australian Bureau of Statistics on Monday reported a trade surplus of $1.82 billion for the month of July, barely changed from a revised $1.81 billion surplus in June.
It is the fifth consecutive seasonally adjusted monthly surplus since the disruptions caused by last summer's natural disasters that resulted in a small deficit in February.
Trade Minister Craig Emerson said while total exports in July slipped one per cent, there remained a solid engagement with regional partners over the past 12 months.
Shipments to China were up 35 per cent, while exports to Korea rose 27 per cent and those to Japan gained 23 per cent.
"An uncertain global economic climate, together with the strong Australian dollar, present formidable challenges for Australian exporters," Dr Emerson said in a statement.
"On the whole our exporters are succeeding despite having to bear these burdens."
TD Securities head of Asia Pacific research Annette Beacher said it was an "impressive" run of surpluses and had helped shrink the current account deficit (CAD) from five per cent of gross domestic product (GDP) in early 2010 to just over two per cent by mid-2011.
"Today's outcome is consistent with the current account deficit shrinking even further to 1.5 per cent of GDP by year-end," she said.
Commonwealth Bank of Australia senior economist Michael Workman said the relatively low CAD "should be positive for the Australian dollar and the maintenance of the AAA sovereign credit rating, in a period of rising global uncertainty".
Dr Emerson said the monthly fall in exports was mainly driven by a 12 per cent decline in coal shipments and a 19 per cent drop in 'other mineral fuels', although over the past year resource exports were still up 29 per cent.
"Australia's bulk commodity exports are continuing to recover from the effects of natural disasters on production and port facilities at the start of this year," he said.
Imports were also down about one per cent in July.
Treasurer Wayne Swan said last Wednesday's quarterly economic growth figures also showed Australia outperforming the rest of the developed world.
"What we are seeing is rising incomes, very strong investment and we also see very solid consumption. These are the building blocks of a strong economy," he told the first sitting of parliament since the national accounts figures were released.
Prime Minister Julia Gillard said it was an "appropriate time" to be holding a one-day jobs forum on October 6 at Parliament House in Canberra, following a government-hosted two-day tax forum.
But Australian Greens MP Adam Bandt described it as nothing more than a "talkfest", saying he would press ahead with a motion to parliament for an inquiry into manufacturing and jobs.
"We are disappointed that the government hasn't agreed to hold an independent inquiry," Mr Bandt told reporters in Canberra on Monday.
"Instead they've announced a talkfest that has all the hallmarks of something designed for the media cycle."
