Australia's Export Growth Continues

Australia's exports remain on track to reach a record high for 2005, Acting Prime Minister and Minister for Trade Mark Vaile said today following the release of the ABS November International Trade in Goods and Services figures.

Mr Vaile said exports for the 11 months to November were 14 per cent higher than a year earlier.

"Australia's exports in November 2005 reached $15.1 billion, the second highest level on record and the highest for November. Exports in November were one per cent higher than in October," Mr Vaile said.

Non-rural and other goods exports drove growth in November, rising two per cent to $10.1 billion. Strong growth was recorded in exports of metal ores and minerals, metals and goods for processing. Transport equipment, other mineral fuels and other non-rural goods exports also improved. This growth was partly offset by a fall in gold exports.

Rural goods exports fell three per cent to $2.0 billion in November. This was mainly due to a decline in exports of cereal grains and preparations, while wool and sheepskin exports also moderated. Services exports fell by one per cent to $3.1 billion, with slight falls in travel and transportation services exports.

"November 2005 saw strong growth in merchandise exports to North Asia compared to November 2004 with exports to China 48 per cent higher, exports to Korea up 55 per cent and exports to Japan up 32 per cent," Mr Vaile said.

Imports rose strongly in November, growing seven per cent to $17.6 billion. Imports growth was across the board. Capital goods imports rose 10 per cent – mainly reflecting imports of aircraft, consumption goods imports rose 11 per cent, intermediate and other goods imports rose six per cent, and services imports rose two per cent.

The strong growth in imports led to the trade deficit increasing to $2.5 billion in November.

"The Federal Government is removing restrictions on businesses, investing in export infrastructure, and pursuing the most ambitious trade agenda in Australia's history - measures which will continue to open up growth opportunities for our exporters," Mr Vaile said.

"Strong resources prices have stimulated growth in resource exports and, with resources firms investing to raise capacity, the outlook for exports remains positive."

Contacts: Richard Forbes 02 62 777420