BALANCE OF TRADE
Western Australia's trade surplus grew 34.2% ($2,196 million) to $8,615 million through the year to March quarter 2007. However, it was 13.5% ($1,349 million) lower than the surplus in the preceding period of $9,964 million - the highest surplus on record.
VALUE OF WESTERN AUSTRALIA'S TRADE SURPLUS, Change from same quarter previous year
China was by far the leading contributor to growth in Western Australia's trade surplus through the year to March quarter 2007. The state's trade surplus with China rose 52.0% ($1,002 million) to $2,931 million, while other major contributors with large trade surpluses were India (up $405 million), Switzerland (up $349 million) and the Republic of Korea (up $316 million). Notably, Western Australia's trade surplus with Switzerland rose from $28 million to $377 million between the March quarters of 2006 and 2007, mainly due to a large increase in gold exported to that country. Partially offsetting these increases was a large fall in the state's trade surplus with the United Kingdom (down $245 million), and worsening trade deficits with Singapore (up $106 million) and Indonesia (up $100 million).
The value of Western Australia's exports rose 27.7% ($3,113 million) to $14,359 million through the year to March quarter 2007. Major commodities contributing to growth were non-monetary gold (up $844 million or 50.4%), iron ore and concentrates (up $667 million or 23.4%), combined confidential items (up $634 million or 33.2%) and crude petroleum oils (up $476 million). Major commodities detracting from exports growth were natural gas (down $39 million or 4.0%), refined petroleum oils (down $36 million or 26.2%), and crustaceans, molluscs and aquatic invertebrates (down $27 million or 22.3%).
The value of imports to Western Australia increased 19.0% ($917 million) to $5,744 million through the year to March quarter 2007. Passenger motor vehicles (up $99 million or 38.0%), motor vehicles for transporting goods (up $72 million or 38.7%) and fertilisers (up $33 million or 36.2%) were the major commodities contributing to imports growth. The largest fall was in non-monetary gold imports, down $79 million or 6.2% through the year..