Australia’s Exports Reach Another Record High

Australia’s exports hit another record high in July, growing $354 million, or two per cent, to $15 billion (seasonally adjusted), Deputy Prime Minister and Minister for Trade Mark Vaile said today following the release of ABS July International Trade in Goods and Services figures.

“Australia’s strong export performance continues with record monthly growth in Australia’s exports continuing in July across most of our export sectors,” Mr Vaile said.

“Exports of non-rural and other goods increased by 3 per cent or $324 million and was driven by a 40 per cent rise in petroleum and LNG exports. Coal exports continued to be a strong performer, up nine per cent on the month before.

“Rural exports increased $13 million, or one per cent, overall with cereal grains exports growing a strong $34 million, or 12 per cent,

“Manufactured exports improved by 2 per cent, with rises in exports of metals, machinery, transport equipment and other manufactures.

“Services exports rose $17 million, or one per cent, overall with services other than travel and transport growing $13 million or 2 per cent. Travel exports also rose, up $4 million.

“Strong growth was recorded in Australia’s exports to North Asia, India and New Zealand in July.”

Imports grew $408 million or three per cent to $16.5 billion. The largest increase was recorded in intermediate goods, with higher imports of fuels and other inputs. Imports of capital goods, consumption goods, and services also increased slightly.

“In seasonally adjusted terms the trade deficit rose slightly from $1.40 billion to $1.46 billion in July, but in trend terms the deficit has continued to decline since January 2005 reflecting increased export volumes and higher commodity prices,” Mr Vaile said.

“The Australian Government continues to pursue wider market access for Australian producers and to promote Australia’s exports overseas. Our focused bilateral FTA agenda and efforts on achieving a successful conclusion to the Doha WTO round will deliver more export opportunities.

“We are also committed to reforms at home by ensuring infrastructure is in place to enable exports to keep growing, providing a firm foundation for future increases in exports and the growth of the Australian economy.”

Contacts: Ministerial - 02 6277 7420, Departmental - 02 6261 1555