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Australia records lowest quarterly trade surplus in almost decade amid race to secure fuel supplies
['Jacob Shteyman']
The Nightly
Australia has recorded its lowest quarterly trade surplus in almost a decade as the Federal government raced to secure fuel cargoes during the Middle East oil crisis.
The jump in imports narrowed Australia’s goods trade surplus to $1.1 billion in the June quarter, the lowest figure since 2017, Australian Bureau of Statistics figures showed on Thursday.
Battery electric vehicle sales more than doubled in the June quarter to 69,414, data from the Australian Automobile Association showed.
Telecommunications equipment imports, which also include equipment for data centres, were broadly flat.
Despite the decline in the quarterly trade surplus, the trade balance increased $4.3 billion in the month of June, above forecasts.