Media releases
Wednesday 30 October 2002 - MVT140/2002
Exports of Wool and Cars Rise as the Australian Economy Continues
on a High Growth Track
The Australian economy is continuing to grow faster than the economies
of our key trading partners, Trade Minister Mark Vaile said today.
He was speaking about the International Trade Figures for September,
which were released today by the Australian Bureau of Statistics.
The figures confirm that the forecast by the IMF that Australia's
economic growth should remain on track at about 4% in 2002-03.
In seasonally adjusted terms the balance on goods and services recorded
a deficit of $948m, an increase of $117m on the deficit in August.
The increase was the result of a 1% fall in imports being offset by
a 2% fall in exports.
There was good news for exports of wool, cars and pearls. Australian
wool and sheepskin exports rose by 16% to $311m, with exports of greasy
wool rising by $36m and volumes shipped increasing by 21%.
"Following a decade of low prices and declining production it is
very good news for Australian wool growers that both the value and
volume of our wool exports are increasing," Mr Vaile said.
Exports of cars and pearls also performed strongly in September.
Exports of cars increased by $99million or 34%, while pearl exports
were up by $68 million or 102%.
"Given the strong harvests in recent years, it is too early to tell
whether the $75 million decline in September wheat exports is due
to the impact of the current drought," Mr Vaile said.
"However, ABARE 2002-03 forecasts in September and October indicate
that the drought will have a significant impact on rural exports."
Strong projected growth in China and South Korea is expected to continue
to underpin the demand for Australian exports this year. Exports
to China remained strong, rising 2% in the month of September and
12% over the year to September 2002. Exports to South Korea were
up 5% over the year to September 2002.
In seasonally adjusted terms the balance of trade deficit for the
September quarter increased by $254m over the June quarter.
Media Contact: Robyn Bain +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 13:51:23 EST
