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Australian exports continue to rise

Australian exports continue to rise  article image

Despite global economic uncertainties Australia’s exports are increasing, according to the latest industry data.  

The Australian Bureau of Statistics Trade in Goods and Services data show Australian exports rose a further 1 percent in July to $27 billion. This is 2.1 percent higher compared to the same time last year.  

The increase in exports in June was revised up from 0.5 per cent to 0.9 percent.  

Minister for Trade and Investment Andrew Robb said Australia is continuing to meet growing demand from its major trading partners.  

“The diversity of Australia’s major trading partners underpins our solid export performance and this will only further strengthen through the trade agreements we have concluded with Korea and Japan, Mr Robb said.  

Mr Robb is confident a trade agreement with China, Australia’s biggest trading partner, can be finalised this year.  

Australia’s merchandise exports to East Asia rose 3.9 percent from a year ago to $17 billion while exports to the US were up 25.6 per cent to $1 billion.  

Exports to the European Union were up 29.3 per cent to $1.3 billion.  

‘India remains one of our most promising markets’  

In East Asia a modest fall in exports to China (down 1.4 percent to $7.6 billion) was more than offset by increases in exports to Japan, up 6.3 percent to $4.4 billion, and to ASEAN-10, up 42.6 per cent to $2.6 billion.  

Exports to India rose over 10 per cent to $707 million.  

“India remains one of our most promising markets and the Abbott Government is committed to broadening our trade and investment relationship in this rapidly emerging economy, Mr Robb said.  

Mr Robb will lead a 300-strong business mission to India in January next year to explore new export and other commercial opportunities.  News_Australian exports continue to rise

In the month of July, resources exports increased 1 per cent to $12.9 billion – rural exports rose 2.2 per cent to $3.4 billion and services exports rose 0.2 per cent to $5 billion.  

Australia’s trade deficit narrowed to $1.4 billion in July 2014 from a revised $1.6 billion deficit in June.  

Highlights include:

  • Metal ores and minerals up 3.6 per cent to $7.2 billion
  • Meat and meat preparations up 8.3 per cent to $967 million
  • Cereals and cereal preparations up 6.8 per cent to $742 million
  • Wool and sheepskins up 1.8 per cent to $223 million
  • Travel services up 0.7 per cent to $2.9 billion
  • Machinery up 2.6 per cent to $778 million
  • Transport equipment up 6 per cent to $444 million
  • Non-monetary gold up 14 per cent to $1.2 billion.

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