Australian exports in January go close to record

Australia’s exports have nudged the all-time record, rising in January to the second highest figure ever of $18.12 billion, the Australian Government Minister for Trade, Warren Truss, said today.

The release of International Trade in Goods and Services figures today saw the trade deficit narrowing in January by half a billion dollars to a seasonally adjusted $876 million. The deficit was at the lower end of expectations.

Exports increased by 2 percent and imports fell by 1 percent in January. Growth was recorded in resources, manufactures and services exports, while there was a small decline in rural exports due to the drought.

The largest rise was in the exports of manufactured items, which were up by 6 percent to $3.8 billion. Resources exports were up by 2 percent, led by coal which jumped 12 percent to $2.02 billion for the month.

Services exports were at the highest monthly level in history, at $3.8 billion.

Merchandise exports to our largest export region of North East Asia continue to grow strongly, up 18 percent over the past 12 months. China is up by 29 percent, but all markets in the region are recording double digit growth

However, exports to Europe and India are outstripping China, with growth of 30 percent seen to both over the same period.

The figures for January follow a record exports figure of $210 billion for 2006, which was up by 16 percent on 2005.

In the first seven months of the financial year, exports are up 14 percent on the same period in 2005-06. This has helped reduce the trade deficit from $9.9 billion to $6.3 billion in those corresponding periods.

Mr Truss said the January figures are encouraging but Australia can still do more to improve its trade balance.

Media Inquiries: Minister Truss' office 02 6277 7420 - Departmental Media Liaison 02 6261 1555