Media release

Australian Minister for Trade, Mark Vaile

Friday, July 7, 2000
MVT71/2000

Growth of services exports

Acting National Party Leader and Trade Minister, Mark Vaile, today welcomed trade figures showing steady growth in Australia's exports of services.

In 1998-99, the value of export revenue from the provision of services was greater than $26 billion, more than double the $11 billion recorded 10 years ago.

"Exports of services have grown at an average rate of 10 per cent a year since 1988-89, surpassing even the strong seven per cent annual growth of merchandise exports over the same period," Mr Vaile said.

"Services now account for close to one quarter of Australia's total export income."

Mr Vaile was commenting on information in the Department of Foreign Affairs and Trade's publication Trade in Services, Australia, 1998-99, released today.

While the traditionally strong tourism and education based travel sector accounted for 45 per cent of services exports last year, Mr Vaile was pleased to note that the information technology and communications sectors also posted increases, with average annual growth of 12.5 per cent over the past five years.

"At $662 million, exports of computer-related services alone were almost two and half times larger than two years ago," Mr Vaile said.

The largest single market for Australia's services exports is the USA, accounting for 17 per cent of the total, followed by Japan, at 13 per cent.

Trade in Services, Australia, 1998-99 provides a comprehensive analysis of Australia's international trade in services, by partner country and by type of service. It also contains inter-country comparisons of international services trade.

Also included is a feature article describing the international services trade for each Australian State and Territory.

Copies of the publication can be purchased for $26.50 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 is available on the Department's website at www.dfat.gov.au/publications/statistics.html. Orders for the publication can also be placed on the website.