Australia’s world-leading resources industry has underpinned a surge in national exports that contributed to a record $10.6 billion trade surplus in March.

Figures released today by the ABS show Australian exports of goods and services rose 15 per cent to $42.4bn in March, as the impact of COVID-19 was felt throughout the Australian economy.

The increase in exports was led by iron ore, coal, natural gas and other commodities.

Labor congratulates the resources industry and those governments that rapidly enacted plans to allow operations to continue with strict safety measures during the COVID-19 pandemic.

Shadow Minister for Resources, Joel Fitzgibbon, said the resources sector was forecast to earn $299 billion in exports this financial year, making it a foundation of Australia’s economic strength during the pandemic.

“The resources companies have worked with the state governments and the unions to keep this industry open even as large parts of the economy have been curtailed because of COVID-19,” said Mr Fitzgibbon. 

“The companies are to be congratulated for their export performance, in particular their resources workers who have continued to work under stringent health and safety conditions.”  

Shadow Minister for Trade, Madeleine King, said global merchandise trade was expected to fall between 13 per cent and 32 per cent this year.

But she said Australia’s export industries could help shield the nation from the worst of the downturn.

“We must remain engaged with the world because our recovery from COVID-19 will depend on access to global markets,” Ms King said.

“Open trade will be an integral component of our economic recovery.”

Ms King said the resources industry should be recognised for underpinning Australia’s success as a trading nation.

“As other sectors were forced to shut down and many Australians lost their jobs, our minerals industry has continued to operate with strict health and safety  protocols,” she said.

“In my home state of Western Australia, the McGowan government worked closely with the industry to help keep people in work while protecting employees and communities. The result of this decisive action is evident in today’s highly encouraging data on exports.”

The ABS data confirms that the impact on many trade-exposed sectors of the Australian economy has been severe.

Tourism-related exports – which includes education services -- plunged 15 per cent to $4.03 in March, reflecting Australia’s decision in February to close its borders to Chinese students and tourists. 

"The loss of international students from COVID-19 travel restrictions is predicted to cost the Australian economy between $30b and $60b over the next three years,” Ms King said.

“Many jobs in Australia will be lost as one of our largest export industries is decimated, yet the Government has failed to act to help the international education sector.”