Media release from The Hon Steven Ciobo MP
Australia’s diverse economy and broader sources of growth are reflected in the latest trade performance figures released by the Australian Bureau of Statistics.
The trade deficit narrowed another $667 million in September, continuing the improving trend seen throughout this year. The deficit is the smallest it has been since December 2014 and is now down around $3 billion since its December 2015 peak.
Since December 2015, in seasonally adjusted terms, monthly resources exports have increased by $1.8 billion (up 19.4 per cent) and services exports have grown by $321 million (up 5.6 per cent).
While it is still too early to say whether recent commodity price gains will persist over the longer-term, strong gains in Australia’s export prices (and reductions in import prices) are promising.
Services exports have been helping fill the gap created in recent years by lower global commodity prices. Their continued growth (up more than 35 per cent over the past four years) points to the strength and diversity of Australia’s economy.
Services exports can be the next driver for Australia’s economy, ensuring our record-breaking 25 years of growth continues.
The Turnbull Government is building the architecture to facilitate further growth in services exports through our free trade agreements.
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