Trade Minister, Mark Vaile announced today that Australia's exports to European Union countries had grown at an average rate of 9 per cent per year over the last five years, from $7 billion in 1994 to $12 billion in 1998. Mr Vaile was commenting on information contained in the Department of Foreign Affairs and Trade's publication Australia's Trade with the European Union, 1998 which was released today. "Australia's exports to our European Union trading partners continue to grow, rising $3.6 billion (or 42 per cent) in 1998," Mr Vaile said. "Almost half of the 42 per cent rise can be attributed to Australian producers finding alternative export markets for gold following the economic downturn in East Asia during 1997 and 1998. Even without gold, exports to the EU rose a strong 19 per cent. "A significant contributor to export growth has been the area of manufactures, increasing at an average of 9 per cent per year over the last decade," Mr Vaile said. Mr Vaile also pointed out that the export of services to the EU from Australia accounted for close to one fifth of Australia's total services exports in 1998. Taken as a single entity, the EU is Australia's largest trading partner. Australia's Trade with the European Union, 1998 provides a comprehensive analysis of the growth, direction and composition of Australia's merchandise and services trade with the European Union (EU) and with the European Free Trade Association (EFTA). Graphical comparisons of major economic indicators are also featured. Copies can be purchased for $25 by contacting the Market Information and Analysis Unit on Ph (02) 6261 3114 or Fax (02) 6261 3321. The main features and analysis from the report will be placed on the Department's website. Orders for the publication can also be placed at this site.
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Local Date: Friday, 21-Nov-2008 04:58:33 EST