Media release

Tuesday, 11 January 2005

Senator The Hon Robert Hill, Acting Minister for Trade, Leader of the Government in the Senate

November International Trade in Goods and Services Show Solid Growth

A rise in Australian exports for the year to November shows exports are on track to record solid growth for 2004, acting Trade Minister Senator Robert Hill said today.

“Today’s International Trade in Goods and Services data show a 10.5 per cent rise in exports through the year to date to November 2004,” Senator Hill said.

“This rise has been driven by strong growth in exports of resources and rural goods.

“Merchandise exports to our Asian trading partners have also risen over the year.  Exports to North Asia have increased 10 per cent, driven by a 21 per cent jump in exports to China; exports to Thailand were up 24 per cent in the year to November, leading growth in exports to ASEAN; and exports to India rose 70 per cent.”

The November 2004 data show a deficit in the balance on goods and services of $2,661 million.  The marginal decline in exports for the month, a drop of 0.4 per cent, comes on the back of weaker commodity prices and a stronger Australian dollar.  However exports of cereal grains and preparations, machinery and services increased.

Imports rose by two per cent in November, again reflecting the strength of the exchange rate and the ongoing strength of the Australian economy.  Australian businesses are investing strongly, shown by growth in imports of machinery and industrial equipment, industrial transport equipment and other parts for capital goods.

Contact: Mr Vaile's office 02 6277 7420 - DFAT Media Liaison 02 6261 1555