Border patrol
Tourism debits have fallen by an astounding -99 per cent in 2020, as the closed borders precluded most Aussies from travelling overseas.
That's a lot of Aussie dollars staying at home and one of the factors that's keep the dollar stronger than might've been expected.
Iron ore exports have benefited hugely from Brazil's woes, and another $9bn of exports kept the value of ore shipped tracking at record highs.
Coal and services exports are sliding, though, so although exports are holding up better than they did through the GFC values were down another -4 per cent in May, and have slipped to $35.7 billion from $42.1 billion in March.
Imports fell from $31.7 billion back in March to $27.7 billion in May, following another -6 per cent drop in the month.
Imports are now down by a thumping -23 per cent this year.
The cumulative trade surplus for the past three months is accordingly a record high of A$26.2 billion.
Australia is in a strong position given its management of COVID-19 but is desperate to see foreign dollars gracing these shores again.
The Australian Prime Minister confirmed today that he's considering offering safe haven visas to Hong Kong residents after the UK PM said they'd open the borders to more than 3 million Hong Kongers if they wanted to leave the country following the recent wave of protests.
