New trade data released by the Australian Bureau of Statistics shows strong growth in Australian exports led by the resources trade with North Asia.
The Trade in Goods and Services data show Australian exports rose 10 per cent last financial year to $332 billion, compared with the previous year.
Imports rose 5 per cent to $338 billion. This resulted in the trade deficit narrowing by 70 per cent to $6.1 billion for 2013-14, compared to $20.0 billion for 2012-13.
All broad categories of exports rose.
Resources exports were up 15.1 per cent to $166.3 billion, rural exports were up 9.6 per cent to $39.8 billion, manufactures were up 6.5 per cent to $42.1 billion, and services were up 9.1 per cent to $57.6 billion.
Minister for Trade and Investment Andrew Robb said: “The strong rise in resources exports underlines the transition in the resources sector as major projects shift from construction to production phases. Recently concluded Free Trade Agreements with Korea and Japan will provide even greater opportunities for Australian services exporters.”
- Metal ores and minerals were up 22.3 per cent to $96.8 billion
- Other mineral fuels were up 10.9 per cent to $29.3 billion
- Coal, coke and briquettes were up 3.4 per cent to $40.2 billion
- Meat and meat preparations were up 29.1 per cent to $9.9 billion
- Metals (excl gold) were up 6.5 per cent to $11.2 billion
- Transport equipment was up 17.6 per cent to $5.1 billion
- Travel services were up 8.0 per cent to $33.6 billion
- Transport services were up 6.4 per cent to $6.5 billion
- Other services were up 12.0 per cent to $17.4 billion
Natural gas has surpassed education services to become our third largest export after iron ore and coal.
Australia continues to meet the growing demand in our region. Goods exports to North Asia rose 17.1 per cent with exports to China up 29.3 per cent to $100.1 billion, to Korea, up 7.2 per cent to $20.5 billion, and to Japan, up 4.3 per cent to $48.5 billion.
Exports to the US were up 11.6 per cent and to the Gulf Cooperation Council, up 18.2 per cent. Exports to the European Union and India fell.