Media releases
Monday 2 December 2002 - MVT156/2002
Exports Up 2% - Rural and Transport Exports Up $478M
A $478m increase in rural and transport exports for the month of
October in original terms contributed to a solid two per cent growth
in exports in seasonally adjusted terms, Trade Minister Mark Vaile
said today.
Mr Vaile was speaking about the International Trade Figures for October,
which were released today by the Australian Bureau of Statistics.
"Today's ABS figures confirm that Australia's exports are on target
to grow by two per cent in FY2002-03, despite current weak global
economic conditions and the impact of the drought on rural exports.
"Seasonally adjusted, the October balance on goods and services was
a deficit of $926m, an improvement of $29m on the September figure.
"Exports recorded two per cent growth in October, offsetting a one
per cent rise in imports in seasonally adjusted terms."
Mr Vaile said the contribution of Australian wool growers, meat producers
and transport manufacturers to export growth is to be commended.
"Australian exports of greasy wool rose $110m last month, and exports
of beef and veal rose $76m. Wool and beef producers struggling with
current drought conditions can take some solace that they can still
produce a quality export product during tough times.
"The sale of four passenger aircraft and three ferries also contributed
$170m towards October's export earnings.
Exports to China rose 12 per cent on last months figures, European
Union (EU) exports were up 39 per cent, and exports to Thailand were
up 19 per cent, in original terms.
Mr Vaile said he was encouraged by the recent OECD forecast for Australia's
export growth.
"Despite the drought, the OECD is forecasting Australian exports
to grow by 2.3 per cent in 2002, increasing to 7.5 per cent in 2003."
"The OECD forecast is clear recognition of their belief in the resilience
of the Australian economy and responsible financial management of
the Coalition Government."
Media Contact: Mark Croxford +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 14:08:14 EST
