5 September 2014
Minister for Trade and Investment
New data released today shows that despite global economic uncertainties Australia’s exports are increasing as we meet growing demand across our major trading partners.
“The diversity of Australia’s major trading partners underpins our solid export performance and this will only further strengthen through the trade agreements we have concluded with Korea and Japan. Concluding an agreement with China, our biggest trading partner also remains in prospect this year,” the Minister for Trade and Investment Andrew Robb said.
The Australian Bureau of Statistics Trade in Goods and Services data show Australian exports rose a further 1 per cent in July to $27.0 billion. This is 2.1 per cent higher compared to the same time last year. The increase in exports in June was revised up from 0.5 per cent to 0.9 per cent.
Australia’s merchandise exports to East Asia rose 3.9 per cent from a year ago to $17 billion while exports to the United States were up 25.6 per cent to $1.0 billion and to the European Union, up 29.3 per cent to $1.3 billion. In East Asia a modest fall in exports to China (down 1.4 per cent to $7.6 billion) was more than offset by increases in exports to Japan, up 6.3 per cent to $4.4 billion, and to ASEAN-10, up 42.6 per cent to $2.6 billion. Exports to India rose over 10 per cent to $707 million.
“India remains one of our most promising markets and the Abbott Government is committed to broadening our trade and investment relationship in this rapidly emerging economy. In January, I will lead a 300-strong business mission to India to explore new export and other commercial opportunities,” Mr Robb said.
In the month of July, resources exports increased 1 per cent to $12.9 billion; rural exports rose 2.2 per cent to $3.4 billion; and services exports rose 0.2 per cent to $5.0 billion.
Sectoral highlights include:
- metal ores and minerals up 3.6 per cent to $7.2 billion
- meat and meat preparations up 8.3 per cent to $967 million
- cereals and cereal preparations up 6.8 per cent to $742 million
- wool and sheepskins up 1.8 per cent to $223 million
- travel services up 0.7 per cent to $2.9 billion
- machinery up 2.6 per cent to $778 million
- transport equipment up 6 per cent to $444 million
- non-monetary gold up 14 per cent to $1.2 billion.
Australia’s trade deficit narrowed to $1.4 billion in July 2014 from a revised $1.6 billion deficit in June.
Courtesy of the Minister for Trade and Investment