Exports solid at end of 2013: ABS figures

EXPORTS enjoyed a surge at the end of 2013 – possibly linked to falls in the Australian dollar – and helped Australia record a decent export performance for the year, according to the Australian Bureau of Statistics.

 

Trade data shows exports rose by more than six percent to reach a record $319 billion, the third consecutive year exports have exceeded $300 billion.

Increases were recorded across the board, with rural exports up nine percent, resources up eight percent, services up 6.5 percent, and manufactures up 1.6 percent.

According to Federal Trade and Investment Minister, Andrew Robb, these export outcomes resulted in Australia’s trade deficit narrowing by 69 percent from the previous year to $7.2 billion in 2013.

For the month of December 2013, Australia recorded a trade surplus of $468 million, with exports rising 3.7 percent, seasonally-adjusted, to $28.5 billion.

This more than offset the 2.3 percent rise in imports.

Mr Robb said increases in exports were recorded in most sectors. Resources exports rose 4.4 percent to $14.6 billion with other mineral fuels rising 12 percent, metal ores and minerals 2.4 percent, and coal, coke and briquettes 4.4 per cent.

Rural goods contributed to the rise in exports, up 17 percent to $3.6 billion, driven by cereals and cereal preparation exports, which rose 78 percent during the month.

Manufactured exports also rose, up 8.5 percent to $3.6 billion, driven by higher metals and transport equipment exports. These increases were partially offset by falls in exports of non-monetary gold, down 28 percent and services, down 0.5 percent.

Imports increased 2.3 percent to $28 billion. This was largely driven by capital goods, which increased 4.4 percent to $5.6 billion and consumption goods, which rose 2.8 percent to $6.9 billion.

Australia’s goods exports (not seasonally adjusted) to East Asia continue to rise, reaching $19.3 billion in December to be 24.6 percent higher from a year ago.

Mr Robb said the Australian Government was committed to supporting trade exposed businesses by reducing business costs to help make them more profitable and Australia more competitive as a nation.

“This includes a serious attack on regulation, removing unnecessary taxes such as the mining and carbon taxes and streamlining the approval process for major projects,” Mr Robb said.

www.dfat.gov.au 

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