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VALUE OF WESTERN AUSTRALIA'S TRADE SURPLUS, Change from same quarter previous year
Growth in Western Australia's trade surplus through the year ending June 2008 was mainly driven by larger trade surpluses with China (up $1,460 million), Japan (up $778 million), Singapore (up $452 million) and Republic of Korea (up $368 million). However, a much lower trade surplus was recorded with India (down $480 million), Switzerland (down $457 million) and Russian Federation (down $197 million).
The value of exports from Western Australia rose 24.1% ($3,755 million) to $19,361 million through the year to June quarter 2008. The major commodities driving the growth in exports were Iron ore and concentrates (up $2,081 million or 52.0%), Crude petroleum oils (up $1,005 million or 60.3%), Natural gas (up $520 million or 58.4%) and Wheat (up $376 million or 113.5%). The major detractors from exports growth over the period were Confidential items (down $456 million or 16.2%), Nickel (down $228 million or 54%), Refined petroleum oils (down $59 million or 36.5%) and Non-monetary gold (down $47 million or 1.5%).
The value of imports into Western Australia increased by 20.4% ($1,216 million) to $7,172 million through the year to June quarter 2008. The major commodities driving the growth in imports were Non-monetary gold (up $348 million or 23.9%), Refined petroleum oils (up $225 million or 54.1%), Crude petroleum oils (up $223 million or 38.9%) and Fertilisers (up $143 million or 117.9%). The major commodities recording declines in imports over the period were Ships, boats and floating structures (down $29 million or 42.8%) and Parts and accessories of office machines (down $1 million or 12.7%)
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