Media Release

4 December 2003 - MVT89/2003

Benefits of the Rugby World Cup Reflected in October Trade Figures

A $211 million rise in services exports, partly due to the number of international visitors attending the Rugby World Cup, was good news for Australia's export sector, Trade Minister Mark Vaile said today.

This news, combined with further signs of a strengthening in the global economy, should be positive for export growth in 2003-04.

The October 2003 balance on goods and services was a deficit, in seasonally adjusted terms, of $1,648 million, a $602 million improvement on the deficit recorded in September 2003.

Exports of goods and services rose by $201 million, while imports fell by $401 million.

Rural exports, in seasonally adjusted terms, continued the improvement evident in the September quarter, rising by $32 million.

The main contributors to the rise in rural exports, in original terms, were cereals, up $88 million, and meat up $53 million.

Despite the improvement, rural exports still remain at relatively low levels, when compared with levels one year ago.

While the drought continues to impact on rural goods exports, improved weather conditions are likely to see rural export volumes substantially improve in 2003-04 as grain exports, in particular, rebound, Mr Vaile said.

Sharp increases in growth were recorded in exports to South East Asia - including Malaysia (up 46 per cent), the Philippines (up 30 per cent), Indonesia (up 21 per cent), Singapore (up 20 per cent) and Thailand (up 15 per cent). Merchandise exports to the US rose by 21 per cent.

Contact:  Matthew Doman 02 6277 7420