Australia’s services, manufacturing and rural exports experienced strong growth in 2014-15, cushioning the impact of lower resource export earnings.
Latest export figures for June released by the Australian Bureau of Statistics today show the value of Australia’s total exports in 2014-15 was $319 billion, a decrease of 4 per cent. But while the value of resource exports declined, there were robust increases in non-resource exports sectors.
“With the end of the resources boom, Australia’s economy will need to transition to a broader growth base; increases in rural, manufacturing and services exports in 2014-15 indicate that this transition is already underway,” Mr Robb said.
“Australia is indeed a services economy and there are strong future growth prospects in a range of areas including tourism and hospitality, education, banking and financial services, health and aged care to name a few.
“The increase in non-resource exports highlights the trade opportunities available to Australian exporters in these industries.”
The value of services exports increased 9 per cent in the 12 months to June 2015 to $63 billion, while rural exports increased by 7 per cent to $43 billion and manufacturing exports increased by 4 per cent to $44 billion.
Reflecting lower commodity prices, the value of resource exports declined in 2014-15 by 14 per cent to $143 billion.
“The conclusion of trade agreements with Japan, Korea and China will enhance opportunities for broadening our export base, and underscores the importance of the Government’s trade negotiation agenda,” Mr Robb said.
Merchandise exports to several of our key trading partners grew in 2014-15 compared to 2013-14. Exports to the United States rose 27 per cent to $13 billion, exports to India grew 18 per cent and exports to ASEAN increased 7 per cent.