Trade figures show Australia is not immune from global recession
Media Release by Acting Minister for Trade, Tony Burke
3 February 2010
Figures released by the ABS today show that the value of Australian exports increased by 4 per cent to $19.8 billion in December last year. However for the 2009 calendar year, export income was $27.4 billion or 10 per cent lower than in 2008.
The Acting Minister for Trade, Tony Burke said, “The fall in export income during 2009 is further evidence that Australiais not immune from the consequences of the global recession. It is equivalent to 2.2 per cent of GDP in the year to September 2009 and highlights the importance of the Government’s stimulus measures last year to support the economy and jobs during a time of global economic uncertainty.”
“It is a tribute to the perseverance and hard work of Australian exporters that they contained the fall in exports to 10 per cent in 2009 given the collapse in global trade flows during the first half of the year.”
The most pleasing aspect of today’s figures was the strong rise in the value of exports in December after falls in seven of the previous nine months. The increase was driven by a 10 per cent rise in the value of coal exports and a 25 per cent increase in metal exports. Rural exports increased 7 per cent on the back of increased oil seed and fish exports.
The value of merchandise exports to Chinaincreased by 21 per cent in December and 31 per cent for the year, making China Australia’s largest merchandise export market in 2009 for the first time. The only other major export market to record growth in 2009 was India, where merchandise exports increased by 7 per cent for the year.
The value of imports rose 6 per cent in December, driven by large increases in imports of fuel and capital goods. As a result, the monthly trade deficit rose by $524 million to $2.3 billion. For the calendar year, the trade deficit fell from $8.7 billion in 2008 to $7.5 billion in 2009.
Media inquiries
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