BALANCE OF TRADE
Western Australia's trade surplus dropped 8.4% ($835 million) to $9,096 million through the year to September quarter 2007, the first fall since the June quarter 2006 (down 2.9% or $205 million through the year). The decline was the result of strong imports growth (up 28.7% or $1,386 million) and very modest exports growth (up 3.7% or $551 million).
VALUE OF WESTERN AUSTRALIA'S TRADE SURPLUS,
Change from same quarter previous year
The decrease in Western Australia's trade surplus through the year to September quarter 2007 was largely due to worsening trade balances with the United Kingdom (down $1,032 million to a deficit of $511 million), Viet Nam (down $408 million to a surplus of $19 million) and Singapore (down $404 million to a deficit of $219 million). There were significant increases, however, in the state's trade surpluses with Switzerland (up $640 million to $599 million) and the United Arab Emirates (up $543 million to $305 million).
The value of Western Australia's exports rose 3.7% ($551 million) to $15,313 million through the year to September quarter 2007, mainly due to rising exports of non-monetary gold (up $429 million or 17.5%). Commodities detracting from exports growth were mainly wheat (down $179 million or 33.5%), natural gas (down $137 million or 12.9%), nickel (down $73 million or 25.8%), wool and other animal hair (down $56 million or 50.5%) and live animals (down $52 million or 35.0%).
The value of Western Australia's imports increased 28.7% ($1,386 million) to $6,217 million through the year to September quarter 2007. Strong imports growth was primarily driven by non-monetary gold (up $701 million or 67.4%), crude petroleum oils (up $149 million or 28.5%), refined petroleum oils (up $59 million or 18.0%) and civil engineering plant and equipment (up $53 million or 28.2%).