Media release
A55/2005 - 5th May 2005
John Anderson, Acting Trade Minister
Still on Track for Record Exports
International Trade in Goods and Services figures for the month of March show that Australia remains on track for record exports in 2004-05, the Acting Trade Minister, John Anderson, said today.
Australian Bureau of Statistics data for the first nine months of this financial year show exports of $118.5 billion, up 13 percent compared with the nine months to March 2004.
The export figure of $13.3 billion seasonally adjusted for March is the highest ever recorded for this month. This follows on from the record figure announced last month for February 2005.
The March export figure was down one percent on the February number. This was mainly attributable to an eight percent fall in rural exports due to limited shipment of grains during the month. Non-rural exports were steady and services exports rose one percent.
The trade deficit in March increased by $434 million. This largely reflected a surge in oil imports of $425 million (oil volumes rose by 29 percent and oil prices by 13 percent). Over time, higher prices for fuel and lubricants will be more than offset by increased exports in other energy commodities such as coal and gas.
On the back of the strong rise in oil imports, imports rose by two percent in the month. Imports of consumption goods remained steady while imports of capital goods fell by four percent.
“The Government remains committed to its active agenda to open markets and promote Australia’s exports overseas. This agenda is providing a firm foundation for future increases in exports and the growth of the Australian economy,” Mr Anderson said.
Media contact: Paul Chamberlin 02 62777680