Australia's trade surplus has fallen to its lowest level in nine years, driven by a surge in demand for electric vehicles and fuel diplomacy, reports infohub.kz.
Foreign Minister Penny Wong is in Fiji meeting with her counterparts from across the Pacific. She said Australia has been working to rebuild trust and its reputation in the region, as well as its strategic position. Wong noted that the country still has more work to do: "We've announced that we do want to engage with and negotiate with both Tonga and Solomon Islands. Obviously, there'll be a lot of work there that we want to do with them in partnership."
Wong also expressed hope that China would take note of regional opposition to its ballistic missile test in July. "It was a test which was destabilising and in a region where leaders have said we want an ocean of peace. It's really important that partners respect that, and we would continue to encourage that respect," she said.
Data shows Australia's trade surplus fell to its lowest in nine years, partly due to a long push to secure fuel cargoes during the oil crisis in the Middle East. Meanwhile, electric vehicle imports surged, with battery EV sales more than doubling in the June quarter to nearly 70,000.