Western Australian merchandise exports in the year to June were down more than 15 per cent on the previous financial year, according to the latest trade balance update from the Australian Bureau of Statistics.
Western Australian merchandise exports in the year to June were down more than 15 per cent on the previous financial year, according to the latest trade balance update from the Australian Bureau of Statistics.
Western Australian merchandise exports in the year to June were down more than 15 per cent on the previous financial year, according to the latest trade balance update from the Australian Bureau of Statistics.
With $8.5 billion of merchandise exports in the month of June, the 12-month total came in at $110.7 billion, well down on the record $130.4 billion in the previous period.
It was driven by a similarly large annual drop in exports to the APEC region of about $20 billion, with nations in the region accounting for around 90 per cent of the state’s merchandise goods sales.
The state’s largest export destination, with a market share of around 50 per cent, is still China at around $55 billion annually.
But that is down almost 22 per cent on the previous figure, a record high $70.6 billion.
A good part of that drop has been driven by the drastic fall in the price of iron ore, the state’s most significant export commodity.
Exports to Japan fell, too, from $23.9 billion to $20.9 billion, while the state's third largest trading partner, South Korea, dropped from $10.1 billion to $8.3 billion, almost 20 per cent.
As Business News reported earlier this year, better news is coming from nations in the ASEAN bloc.
Merchandise exports to those destinations was up from $11.1 billion to $12.3 billion.
Singapore made the biggest gain, up about $900 million to $5.2 billion, while Indonesia and Malaysia were steady at $1.6 billion and $2 billion respectively.
Trade with the Philippines was up from $513 million to $616 million.
Exports to India lifted about 50 per cent, from $1.2 billion to $1.8 billion, while in the Middle East, trade with the United Arab Emirates increased around $300 million to $1.4 billion.
Nationally, exports were up 3 per cent month on month in June to $26.4 billion.
At $319 billion, total Australian exports were about 4 per cent lower for the financial year.
St George Bank senior economist Janu Chan said growth in imports had exceeded export growth for the month, and the trade balance had widened.
“Exports were boosted by a partial recovery in commodity prices (including the price of iron ore) and a weaker Australian dollar,” he said.
“Nonetheless, imports were supported by higher oil prices and a pick-up in imports of consumer goods.”