Australia’s Annual Coal Export Exceeded $100 Billion for First Time, Pushing Trade Surplus to $43 Billion

A bucket-wheel dumping soil and sand removed from another area of a Newcastle mine, the world's largest coal exporting port, in Australia on Nov. 5, 2021. Saeed Khan/AFP via Getty Images

Australia has recorded its 13th consecutive accounts surplus in the June quarter on the back of a continued commodity boom, with the trade surplus hitting a record high $43.1 billion (US$29 billion).

“The increase in the current account surplus was driven by higher commodity prices. Coal prices were elevated over the 2021-22 financial year, with annual exports of coal exceeding $100 billion (US$67 billion) for the first time,” Grace Kim from the Australian Bureau of Statistics said.