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Australia’s services exports hit record high

Australia’s services exports hit record high article image

Australia’s total trade in services increased 7.2 per cent to a record high of $173.1 billion in 2017.

This was driven by services exports rising 8.8 per cent to a record $84.7 billion.

As a share of Gross Domestic Product (GDP) Australia’s services exports were 4.7 per cent last year.

The growth of Australia’s services exports is detailed in Trade in Services 2017 released today by Trade Minister Steven Ciobo. 

The Department of Foreign Affairs and Trade report reveals education exports increased 17.2 per cent to $30.8 billion, business services rose 9.3 per cent to $20.4 billion and transport services increased 4.8 per cent to $7.6 billion.

NSW was the largest services exporting state in 2017, accounting for 42.1 per cent of total services exports, valued at $35.7 billion. Victoria accounted for 26 per cent ($22 billion), followed by Queensland, 15.6 per cent ($13.2 billion).

China remains Australia’s largest services export market, valued at $15.8 billion. This follows the opportunities created by the China-Australia Free Trade Agreement, said Mr Ciobo.

Mr Ciobo says the Turnbull Government is pursuing an ambitious trade agenda to open new markets for Australia’s services exporters.

Trade in Services 2017 is available at: http://dfat.gov.au/about-us/publications/Pages/trade-in-services-australia.aspx

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