Media release
Monday 30 September 2002 - MVT117/2002
August ABS Trade Figures Confirm Strong Economy
International Trade Figures for the month of August, released today
by the Australian Bureau of Statistics (ABS), confirm the Australian
economy continues on a high growth track, Trade Minister Mark Vaile
said.
"Today's trade figures are in line with what we expect from a high
growth economy" Mr Vaile said.
"The Australian economy is growing faster than many of our key trading
partners. We continue to set the pace for economic growth."
"In seasonally adjusted terms August's goods and services balance
showed a deficit of $948 million, up $228 million on July. This increase
reflects a one per cent increase in August exports being offset by
a two per cent increase in August imports.
"Australian exporters continue to perform strongly with exports up
$101 million on last months ABS figures to $12,715 million."
"Rural exporters have been stand-out performers. Exports of rural
goods grew five per cent, in August, up $124 million. Cereal, fish
and cotton were major contributors to August export growth."
"Our exports to key Asian markets continued to perform strongly during
August, in original terms, up 13 per cent to Japan, South Korea up
two per cent , and China up one per cent.
"Over the last 12 months, to August 2002, exports to China and South
Korea have increased 15 per cent. Strong projected growth in both
those countries will continue to underpin the demand for Australian
exports this year."
Mr Vaile said long-term prospects for agricultural exports were given
a boost over the weekend with the tabling in the World Trade Organisation
(WTO) of the Cairns Group negotiating proposal on agricultural domestic
support.
"The Cairns Group proposal to eliminate production and trade-distorting
domestic support is designed to lead to more open and efficient markets
to the benefit of all WTO members, including developing countries."
Mr Vaile said today's ABS data show a 19 per cent increase in imports
of machinery and industrial equipment in original terms. These capital
goods will fuel future economic growth in the Australian economy.
"The ABS figures reveal that at the same time as firms are boosting
export sales, Australian companies are also making deliberate investment
decisions to expand production. These are very encouraging signs
for the future of the Australian economy."
Media Contact: Mark Croxford +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 13:32:11 EST
