Australia‘s exports posted 6% month-on-month growth in May to A $ 42.233 million.
The amount includes both sales of products and services.
Conversely, Australian imports totaled AU $ 32.552 million, an advance of 3% month-on-month.
In both cases the comparison uses seasonally adjusted figures.
Separately, Australia’s exports of products alone were for AU $ 37.248 million, an increase of 6% compared to April 2021.
Meanwhile, external sales of services grew 5% to A $ 4.985 million.
Regarding imports, those corresponding to products totaled 28.212 million Australian dollars (+ 3%) and those of services were 4.340 million Australian dollars (+5 percent).
While the Covid-19 pandemic primarily had profound public health implications, it also led to a major economic contraction.
Starting in early 2020, measures to support fiscal and monetary policy were introduced, initially to limit negative economic effects on households and businesses and, more recently, to support economic recovery.
For its part, the Australian Government responded quickly with increased peacetime fiscal support, accounting for 7% of GDP in 2020/21.
Among other things, the tax measures included significant tax stimulus payments to households and businesses, including JobKeeper, Economic Support Payments (ESP), and the coronavirus supplement.
Another aspect of the Reserve Bank of Australia‘s role during the pandemic was to facilitate the disbursement of these payments.
As a banker for the Commonwealth of Australia, the Bank offers a variety of banking and payment services to meet the needs of the Australian government. This includes transactional banking services to over 90 government agencies, including Services Australia and the Australian Tax Office (ATO).
In 2020, Australia’s exports fell 6% to $ 202 billion.
Meanwhile, Australian imports fell 7% to US $ 254 billion.