Exports of Australian services rise despite global downturn
Simon Crean
posted Thursday, 18 March 2010
Trade Minister Simon Crean and the Parliamentary Secretary for Trade Anthony Byrne have released a new publication which shows the value of Australian service exports grew by more than 5 per cent last financial year.
Despite the worst global downturn in more than 70 years, the value of Australian services exports increased to a record $53.3 billion in 2008-09.
“The rise in service exports is a remarkable performance by the Australian services sector ,” Mr Crean said.
“The services sector is the key to driving productivity across the global economy.”
“Services is not just a sector in its own right, it is also an enabler. It is an enabler of Australian agriculture, of our manufacturing and our resource base.”
“A great example is the CSIRO-developed Wireless Local Area Network technology, also known as Wi-Fi, which earned more than $220 million in 12 months in licence fees. This is a demonstration of Australian innovation earning export dollars in the services sector.”
Reflecting the strong growth in the Australian economy, imports of services also rose 5.9 per cent to $56.5 billion in 2008-09.
Mr Byrne welcomed the focus on the services sector today with the Australian Services Roundtable in Parliament House Canberra where he will deliver a speech this evening.
“While the US remains our biggest services export market, China is now Australia’s second biggest market, having surpassed the UK in this survey” Mr Byrne said.
“Education services—by far our biggest services export—increased by 23.2 per cent to A$17.2 billion in 2008-09,” he said.
The new services data is contained in the DFAT trade analysis publication ‘Trade in Services, Australia 2008-09.
It shows the value of Australia’s exports of financial services in 2008-09 grew 13.2 per cent rise to $1.2 billion. Exports of professional services (legal, accounting and business consulting services) rose 12.2 per cent to $3.7 billion and there was a 12.1 per cent increase in telecommunication, computer and information services to $2.1 billion.
The United States was Australia’s largest services export market in 2008-09 with exports rising 6.4 per cent to $5.8 billion in 2008-09. It was followed by China, with exports up 15.7 per cent to $5.1 billion and the United Kingdom with exports falling slightly to $4.4 billion.
Services export volumes also rose 1.8 per cent last financial year.
The publication is available at www.dfat.gov.au/publications/statistics.html
* Joint media release with Anthony Byrne
Tags: Exports, GFC