Australia news live: Surge in EV demand and fuel diplomacy push sends trade surplus to nine-year low
Summary
Australia’s trade surplus has fallen to its lowest level in almost ten years. This is due to higher imports of electric vehicles and Australia's efforts to secure fuel supplies during the oil crisis in the Middle East. Australian Foreign Minister Penny Wong is in Fiji working to improve relationships with Pacific nations and addressing concerns about China’s missile test.Key Facts
- Australia’s trade surplus reached its lowest level in nearly nine years in the latest quarter.
- Imports of electric vehicles (EVs) more than doubled to almost 70,000 in the June quarter.
- Australia has been actively working to secure fuel shipments amid the Middle East oil crisis.
- Foreign Minister Penny Wong is meeting with Pacific leaders in Fiji to rebuild trust and strengthen ties.
- Australia plans to engage in talks with Tonga and the Solomon Islands to improve partnerships.
- Wong expressed hope that China respects regional stability after a recent missile test.
- Pacific leaders have voiced opposition to China’s ballistic missile test in July.
- Australia is aiming to maintain peace and cooperation in the Pacific Ocean region.
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