Australia’s services exports reached a record $88 billion last financial year, according to the latest Australian Bureau of Statistics (ABS) data.
Services exports rose 7 per cent in 2017-18, up from $82.3 billion in the previous year.
“We’re currently experiencing a services boom in Australia with services exports rising by over 50 per cent over the last five years,” Trade Minister Simon Birmingham said.
“Our services industries whether it be education, telecommunications or professional and financial services continue to enjoy strong growth and this is good news for the thousands of small businesses across Australia who operate within these sectors.”
China remained Australia’s largest services export market, valued at $16.9 billion, an increase of 17 per cent on 2016-17.
Education and tourism go from strength to strength
The US remains Australia’s second largest market with services exports increasing 9.4 per cent to $9.2 billion.
Telecommunications exports rose 25.2 per cent to $4.2 billion, education exports increased 15.5 per cent to $32.4 billion, and financial services rose 15.5 per cent to $4.6 billion.
“Our education and tourism sectors continue to go from strength-to-strength, but what’s positive is the growth in other sectors including financial services and telecommunications,” Senator Birmingham said.
Total trade has rocketed from 26 per cent to 77 per cent over the past five years driven largely by new free trade agreements, he said.
“And there will be even more opportunities for our services exporters with the TPP-11 due to come into effect on 30 December.”