According to the Bureau of Statistics, Australian exports have seen a large increase over the past March quarter. Export trade surplus have increased to a record $9.2 billion in the March quarter. With a record high, trade minister Steven Ciobo said the current account deficit fell to $3.1 billion, which is the lowest ratio as a share of gross domestic product (GDP) in 37 years.

“Underpinning the March quarter result were strong rises in export values of both rural and non-rural goods, with large rises reported in cereals, meat, iron ore and coal,” he said. “Compared to a year earlier, there were large increases in merchandise export values to China, Japan, Hong Kong, [South] Korea, Indonesia, Taiwan, Malaysia and Germany.” Mr Ciobo concluded, saying trade agreements, including those with China, South Korea and Japan would continue to deliver benefits for Australian in the coming decades.