Media release
Thursday 29 August 2002 - MVT103/2002
July Trade Figures Show We Continue to Outpace the World
International Trade Figures for the month of July, released today
by the Australian Bureau of Statistics, reveal the continuing strength
of the Australian economy, Trade Minister Mark Vaile said.
Speaking from New Zealand where he is attending the annual Australia
and New Zealand Trade Ministers Meeting, Mr Vaile said the July balance
on goods and services improved by $355 million to be a deficit of
$643 million in seasonally adjusted terms.
"The July ABS figures are yet another indication the Australian economy
is outpacing the rest of the world," Mr Vaile said.
"Australia continues to demonstrate it is among the top performing
economies in the OECD."
"In seasonally adjusted terms, exports rose by three per cent during
July, whilst imports recorded a marginal fall.
"In original terms strong export performers during the month of July
were wool and sheepskins, with exports of greasy wool up 24 per cent,
reflecting higher volumes and prices. Other rural goods exports rose
by 13 per cent, or $50 million, due mainly to rises in exports of
fish, crustaceans and molluscs, fruits and vegetables and oilseeds.
"Non-rural goods continue to perform strongly, rising five percent
to $7.2 billion. This was driven by increases in exports of crude
oil and shipments of natural and manufactured gas, and metals."
Mr Vaile said strong projected growth in both China and Korea will
continue to underpin demand for Australian exports this year.
"July exports to North Asia continue to perform strongly in original
terms, with exports to China rising 14 per cent, while exports to
Korea continue to grow by rising eight per cent."
"Increased exports of oilseeds and metal ores contributed to the
strong performance of exports to China, whilst exports of petroleum
and natural gas were evident in the strong Korean figure.
"Exports to Malaysia, Indonesia and Japan also performed strongly
during July recording increases, in original terms, of 21 per cent,
14 per cent and six per cent respectively.
Mr Vaile said the ABS data reveals imports are being used for productive
investment, which is further good news for the Australian economy.
"Imports of capital goods such as machinery and industrial equipment
and civil aircraft, in seasonally adjusted terms, rose seven per cent,
whilst consumption goods imports fell two per cent."
Media Contact: Mark Croxford +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 13:42:47 EST
