• 07 Aug, 2020

Trade Surplus & Finance Commitments on the up!

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If you had any doubts about there being a demand for Australian goods during and after this pandemic, they were put to bed with this months report that Australia reported a record trade surplus in the 12 months ending in June due to surging exports to China, which comprise almost half of goods exports despite rising political and trade tensions.

Exports to China hit a record A$14.6bn (US$10.4bn) in June, underpinned by the country’s economic reopening and Beijing’s aggressive stimulus plan after the coronavirus lockdown. The measures have sparked a surge in demand for Australian commodities, such as iron ore and coal, with exports to China comprising 48.8 per cent of all goods exports in June, up from about a third in February, and worth 8.5 per cent of gross domestic product.

And with further good news for our construction industry and housing markets, the value of new loan commitments for housing rose 6.2% in June, seasonally adjusted.

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No doubt this is driven by people taking advantage of the enormous of grants both Federal and State available.

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Troy Gunasekera

National Manager

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