BALANCE OF TRADE
Western Australia's international trade surplus continued to grow strongly through the year to June quarter 2007, rising 39.6% ($2,746 million) to $9,684 million. Notably, over the past four periods, Western Australia's trade surplus has risen at an average annual rate of 33.6% ($2,387 million).
VALUE OF WESTERN AUSTRALIA'S TRADE SURPLUS, Change from same quarter previous year
The countries making the largest contributions to Western Australia's trade surplus through the year to June quarter 2007 were India and China, with the surplus rising 107.4% ($981 million) with India and 38.8% ($955 million) with China. Another major contributor was the Republic of Korea, with the trade surplus rising 393.9% ($729 million). Notably, Western Australia's trade deficits with Switzerland (-$36 million) and Malaysia (-$178 million) in the June quarter 2006, became surpluses in the June quarter 2007: Switzerland ($401 million) and Malaysia ($36 million). Offsetting these positive contributions was a large fall in Western Australia's trade balance with the United Kingdom, declining 133.5% ($1,585 million) through the year, from a $1,188 million surplus in the June quarter 2006 to a $398 million deficit in the June quarter 2007.
The value of Western Australia's exports rose 17.1% ($2,283 million) to $15,641 million through the year to June quarter 2007. Growth was mainly driven by combined confidential items (up 40.1% or $823 million), non-monetary gold (up 23.4% or $576 million) and crude petroleum oils (up 43.9% or $508 million). Western Australia's largest export commodity, iron ore and concentrates, generated $3,980 million in export revenue in the June quarter 2007, after increasing 13.4% ($471 million) through the year. Detracting from exports growth through the year to June quarter 2007 were exports of natural gas (down 20.1% or $213 million) and nickel ores and concentrates (down 28.9% or $99 million).
The value of Western Australia's imports fell 7.2% ($463 million) to $5,956 million through the year to June quarter 2007. Much of the decline was due to falling imports of ships, boats and floating structures (down 88.5% or $521 million), non-monetary gold (down 20.8% or $381 million) and refined petroleum oils (down 43.6% or $327 million). The value of imports did increase significantly however for crude petroleum oils (up 99.1% or $282 million).