10 January 2008
International Trade in Goods and Services
Trade deficit figures released today underlines the need for a new approach to Australia’s trade policy.
It also confirms the failure of the previous Government to develop an export strategy to sustain Australia’s long term trade performance.
The November trade deficit was $2.3 billion — the 68th consecutive monthly trade deficit.
For the first five months of the 2007-08 financial year, Australia recorded a cumulative trade deficit of $10 billion – almost as much as the total deficit of $12.4 billion recorded for the 2006-07 financial year
In the 12 months to November 2007, exports were up 4 per cent compared with the same period to November 2006.
Service exports were up by 10 per cent and manufactured exports grew by 8 per cent.
However, rural exports continue to suffer declining by 10 per cent in the 12 months to November 2007.
The Rudd Labor Government understands that export growth and productivity go hand in hand.
That is why the Rudd Government is committed to implementing reforms in key areas to boost Australia’s productivity including in education and skills development, infrastructure, innovation and reducing red tape.
A comprehensive domestic reform agenda will be complemented by a more focussed trade policy to assist Australian exporters. This includes a revitalisation of the Export Market Development Grants scheme and a refocussing of Australia’s trade policy towards achieving comprehensive market access outcomes.
Media Inquiries: Mr Crean's office 02 6277 7420 - Departmental Media Liaison 02 6261 1555