TRADE


BALANCE OF TRADE

Western Australia's trade surplus grew 14.9% ($1,302 million) to $10,043 million for the year to March quarter 2008. It is the first rise after two successive declines for the year to September and the year to December quarters of 2007 (-7.7% and -1.5% respectively). Growth in the state's surplus resulted from strong exports growth (up $2,605 million or 18.0%), compared to the previous year period (up $479 million or 3.1%). Imports continued to increase (up $1,303 million or 22.7%) compared to the same quarter of 2007 (up $628 million or 11.2%).

Between the March quarters of 2007 and 2008, the main countries contributing to the growth in Western Australia's trade surplus included China (up $724 million), United Kingdom (up $715 million ), Singapore (up $409 million) and India (up $363 million). In contrast, lower trade surpluses were recorded with Switzerland (down $397 million), United Arab Emirates (down $302 million), Thailand (down $295 million) and Republic of Korea (down $188 million).


EXPORTS

Of the 18.0% ($2,605 million) rise in Western Australia's exports to $17,097 million for the year to March quarter 2008, the main commodities contributing were iron ore and concentrates (up $1,162 million or 33.5%), non-monetary gold (up $767 million or 30.4%), crude petroleum oils (up $583 million or 34.8%) and natural gas (up $217 million or 22.2%). Over the same period, major commodities detracting from exports growth were nickel (down $217 million or 59.3%), confidential items (down $201 million or 7.6%), wool and other animal hair (down $73 million or 48.6%) and nickel ores and concentrates (down $56 million or 15.5%).


IMPORTS

Between the March quarters of 2007 and 2008, the value of imports to Western Australia increased 22.7% (up $1,303 million) to $7,054 million. The major commodities driving the growth in imports were non-monetary gold (up $550 million or 45.7%), crude petroleum oils (up $405 million or 83.9%), civil engineering plant and equipment (up $213 million or 118.7%) and refined petroleum oils (up $184 million or 56.8%). The major commodities that recorded declines in imports over this annual period were ships, boats and floating structures (down $45 million or 56.5%), parts and accessories of office machines (down $20 million or 54.6%), iron or steel tubes and pipes (down $18 million or 18.6%) and rubber tyres (down $7 million or 8.4%).