Alex Joiner, chief economist at IFM Investors, posted the following chart on X (Twitter) illustrating the massive difference in goods (merchandise) exports between NSW and Victoria. As you can see, NSW goods exports have boomed over the past five years, driven by coal, which is the single largest export:AdvertisementAccording to the Parliament of NSW, 77% of NSW coal was exported in 2023–24. Thus, NSW exported around 7.5 times more coal than was used domestically. Victoria, by contrast, does not have any major commodity exports:AdvertisementAs a result, Victoria has the worst merchandise (goods) trade deficit in the nation:As illustrated above, Victoria’s merchandise (goods) exports have barely grown over the past 25 years, whereas imports have exploded. Therefore, as Victoria expands by a projected 58% to 11.2 million by 2065-66, its trade deficit will necessarily widen.