Australia trades $109 billion in services in 2011
Australia’s total trade service grew 1.4 percent to $109.1 billion in 2011, a recent report has revealed.
Exports of services fell 3.4 percent to $50.1 billion, according to Trade in Services, Australia 2011, released by the Department of Foreign Affairs and Trade.
The fall in exports of services is mainly recognised by a fall in total education services, reflecting a drop in foreign students studying in Australia.
Australia’s top three services import sources were the United States $10.9 billion, up 11.3 percent, the United Kingdom $4.8 billion, up 0.6 percent and Singapore $4 billion, up 13.1 percent.
Overall, exports of services are down 4.8 percent from their peak of $52.7 billion in 2008.
Australia’s top three services export markets in 2011 were China $5.7 billion, down 3.7 per cent, the United States $5.1 billion, up 1.4 percent and the United Kingdom $3.9 billion, down 4 per cent.
The report shows good results given the continued strength of the Australian dollar and economic weakness of our major services export markets in North America and Europe.
Australia’s imports of services increased by 5.9 percent to $59.0 billion, mainly due to a strong rise in travel services up 8 percent to $26.1 billion, reflecting an increase in the number of Australians travelling abroad, up 9.6 per cent, to a record 7.8 million.
Exports of business travel services increased by 20.1 percent to $3.6 billion, as the number of business travellers to Australia rose 5.5 percent to 1.1 million.
Exports of financial services showed signs of recovery, rising 38.1 percent to $1.4 billion in 2011, though still below their peak of $2.8 billion in 2007.