Australia's trade surplus hits nearly $15.3K mn in March 2023

09 May '23

2 min read

Pic: Adobe Stock/Wimbledon

Insights

Australia's international trade recorded substantial growth in March 2023, with a surplus increase of $1,118 million, totalling $15,269 million, as per the ABS.
Exports rose by $2,181 million (3.8 per cent growth), while imports increased by $1,062 million (2.5 per cent growth).
Imports for textiles, clothing, and footwear also expanded by 7.9 per cent.

Australia’s international trade in goods and services for March 2023 saw substantial growth in both the export and import sectors, contributing to an overall surplus. The seasonally adjusted balance on overall trade saw a surplus increase of $1,118 million in March, bringing the total surplus to $15,269 million.

Exports experienced a jump of $2,181 million, marking a 3.8 per cent growth from the previous month. On the other hand, imports witnessed an uptick of $1,062 million, translating to a growth of 2.5 per cent, according to a recent report by the Australian Bureau of Statistics (ABS)

In the realm of consumption goods, the report detailed a robust rise of $1,414 million in imports, reflecting a 14.1 per cent growth. A significant portion of this increase can be attributed to non-industrial transport equipment, which saw an upswing of $594 million, a staggering growth rate of 23.9 per cent.

Seasonally adjusted data showed that imports for the textiles, clothing, and footwear category expanded by 7.9 per cent in February–March 2023, totalling $142 million. Textile yarn and fabrics, too, followed a similar growth trend, marking a 5.4 per cent increase in imports to reach $7 million.

Imports for intermediate and other merchandise goods showed a marginal rise of $9 million, recording a nominal 0.1 per cent growth.

Fibre2Fashion News Desk (NB)

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