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Boom in services exports continues

Boom in services exports continues article image

Australia’s services trade recorded strong growth last year, increasing 9.1 per cent by value to $142.5 billion, according to latest data.

Department of Foreign Affairs and Trade statistics released yesterday show services exports grew 10 per cent to $66.2 billion and trade volumes rose 3.3 per cent over 2014 levels.

Growth was strong across the board in our three top services export markets, China, the United States and the United Kingdom.

Minister for Trade and Tourism Steven Ciobo says expanding services exports is a key priority for the Turnbull Government.

Tourism continues to be the shining light of Australian services exports, with tourism exports reaching a record $30.7 billion in the year to June 2015. Tourism exports account for nearly half of all services exports.

Robust growth

Education recorded robust growth with education-related travel exports rising 10.4 per cent to $18.8 billion.

Exports of business services rose 12.9 per cent to $18.2 billion, with financial services increasing 18.8 per cent to $3.8 billion, professional services rising 7.2 per cent to $5.2 billion, and technical and other business services climbing 3.1 per cent to $3.5 billion.

Australia’s top three services export markets showed strong growth, with China up 19.8 per cent to $9.8 billion, the US up 18.7 per cent to $7.9 billion, and the UK up 8.8 per cent to $5.0 billion. 

Trade in Services 2015, is available on the statistical reports section of the Department of Foreign Affairs and Trade website.

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