Resource exports continue to boost Australian economy
PERTH (miningweekly.com) – Despite the commodity price slump, the Australian resources sector continued to contribute to Australia’s growth, as exports drove gross domestic product (GDP).
Trade and Investment Minister Andrew Robb this week reported that net exporters were expected to contribute 1.5 percentage points to the real GDP growth during the September quarter.
“Our goods and services export volumes increased by 4.6% to A$92-billion in the September quarter, while import volumes fell 2.4% to A$83.7-billion.”
Robb said that following the enormous wave of resource investment in Australia, resources exports rose 4.8% to A$47.3-billion.
Services exports increased by 9% to A$15.7-billion, and Robb said it was also encouraging to see manufactured exports increase by 5.25% to A$10.6-billion.
“We also saw net inflows of foreign investment into Australia valued at A$18.9-billion, up from A$13.6-billion in the previous quarter,” he said.
Figures from the Australian Bureau of Statistics noted that, compared with the same quarter last year, the September quarter saw strong trade growth in a number of markets including China, the US, India and the European Union.
Australia’s new Free Trade Agreements were also providing new opportunities for exporters with data showing strong growth in a number of the country’s exports to Korea and Japan since those agreements entered into force. Agricultural and horticultural exports have flourished in particular.
“It is hoped our landmark trade deal with China will enter into force before the end of this year, while negotiations have been concluded for the 12-country Trans Pacific Partnership Agreement.
“Broadening our export base is fundamental to our future prosperity and to supporting continued growth and this explains the government’s aggressive trade and investment agenda,” Robb said.
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