A new Austrade report is using latest trade data to highlight the vital contribution made by exporters to bolster Australia’s economy.
The inaugural Australian State of Exporters Report released this month, shows exporters generated A$1.6 trillion in turnover and delivered A$646.7 billion of value added to the economy. That equates to 31% of national GDP.
And exporters helped to generate about three million jobs in the 2020-21 financial year, the new report notes.
The report highlights the resilience exporters – small and large – who navigated COVID-19
and trade disruptions to achieve outstanding results.
“This Report reinforces how critical our exporters are – contributing nearly a third of our annual economic output and higher-paying jobs,” says Trade Minister Don Farrell.
“From food and wine to critical minerals and education, Australia's reputation for quality goods and services means our products are in demand right around the world.
“Australian exporters, 93% of whom are small and medium sized businesses, meet this demand by exporting to over 230 international markets.”
Senator Farrell says businesses trading overseas are not only more productive than their non-exporting counterparts, they are more resilient and more likely to survive the disruptions brought by the COVID-19 pandemic.
Senator Farrell says Australia is economically stronger when global trade flows freely.
“A diversified economy that harnesses Australian ingenuity will make us stronger. This means not only diversifying where we export, but what we export.”
Agile and high-paying
According to the new report exporters employ more people and pay significantly higher wages.
“Collectively, they create 14% more employment and pay median wages 43% higher compared to non-exporters,” says Senator Farrell.
ABS data shows these companies are typically from the information media and technologysectors. However, the best-paying export companies are still in Australia’s mining industry.
Also, Australian exporters are agile. They have succeeded in diversifying trade and finding alternative markets.
Except for China, Australia’s top export market destinations in 2020-21 were Japan, Korea and the United States. Minor export markets are also growing, the report finds.
And proximity still matters. As measured by the number of exporters, Australia’s top export destination in 2020-21 was New Zealand – with 16,394 exporters.
To download a copy of the Austrade report click HERE