TRADE
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
![Graph: Value of Western Australia's trade Surplus, Change from same quarter previous year](/ausstats/abs@.nsf/0/048f0344daef4703ca25736800130f73/Body/0.11C4!OpenElement&FieldElemFormat=gif)
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).
EXPORTS
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%).
IMPORTS
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..