$1.7b surplus for WA

BOOMING petroleum and mineral exports, which comprise 70 per cent of WA’s exports, have contributed to a $1.7 billion trade surplus as well as supporting a general Australian trade surplus – the forth consecutive trade surplus this financial year.

While imports into WA increased by $100 million in May to $985 million, WA’s exports remained at more than $2.6 billion for the month.

The State’s exports over the past year have been worth more than $25 billion, while its imports were worth less than $8.3 billion.

In the 12 months to February 2001, the State’s trade surplus increased almost 60 per cent to $21.1 billion, the highest on record. This compared with a $4.9 billion trade deficit for Australia as a whole.

According to figures released last week by the Department of Minerals and Energy, petroleum sales in 2000 increased 106 per cent to just under $10 billion as oil prices reached up to US$35 per barrel.

Iron ore sales increased by 24 per cent to almost $4.4 billion while nickel sales increased 107 per cent to $2.4 billion.