Highest August Export Figure on Record

Deputy Prime Minister and Minister for Trade, Mark Vaile, today welcomed ABS figures showing Australian exports totalled $14.7 billion in August, the highest export figure ever recorded for the month of August.

Following the release of the ABS August International Trade in Goods and Services figures Mr Vaile said in the first two months of the 2005‑06 financial year exports were 14.4 per cent higher than in first two months of 2004-05.

"Given we had a record level of exports last financial year, this highlights the underlying strength of our export performance," Mr Vaile said.

"This financial year has seen exceptionally strong growth recorded in iron ore exports (up $876 million) and coal exports (up $1.4 billion) compared to the same period last financial year."

Exports eased in August after a record monthly high of $15.2 billion in July, although services exports continued to strengthen, rising $11 million to $3.5 billion.

Rural goods exports eased 3 per cent from July. Exports of meat and meat preparations eased, partly due to herd rebuilding, and wool and sheepskin exports moderated. These falls were partially offset by stronger exports of cereal grains and cereal preparations.

Non-rural and other goods exports moderated 5 per cent in August from July. Driving the fall was weaker crude oil export volumes, which fell 31 per cent in original terms after strong growth in July. Growth in coal and iron ore exports fell in the month, partly reflecting short term closures to facilitate capacity upgrades at major ports.

August saw stronger growth in exports to ASEAN countries, especially Thailand, and to the US and Taiwan.

Imports also fell by $218 million or 1 per cent in August. Intermediate and other goods imports fell 3 per cent, with the largest fall in imports of fuels and lubricants. Capital goods imports fell 1 per cent and services imports fell $15 million, while consumption goods imports rose 1 per cent.

"The Government continues to pursue wider market access for Australian producers and promote Australian exports overseas. We are committed to reform and ensuring infrastructure is in place to enable exports to keep growing. This will provide a firm foundation for future increases in exports and the growth of the Australian economy," Mr Vaile said.

Contacts: Carissa Buckland (Mr Vaile's Office) 02 6277 7420