Growth in Australia’s rural and services exports show that progress is being made in rebalancing the economy following the resources boom.
The latest figures released by the Australian Bureau of Statistics show our rural exports are flourishing. Exports increased by 10 per cent, to $10.7 billion in the December quarter, while real services exports rose 1.6 per cent.
Growing our services exports is critical for our economy, with services accounting for 75 per cent of our GDP. These figures also underline the importance of Australia’s new free trade agreements for the agricultural sector.
Resources exports declined by 0.6 per cent in real terms in the quarter, buoyed somewhat by exports of LNG (and other mineral fuels) which increased by 14.3 per cent.
The resources sector remains resilient in the face of difficult market conditions. Growing exports of LNG, on the back of recent strong investment, is helping to cushion the effects of low global commodity prices.
Over the course of 2015, net exports are expected to have contributed a healthy 1.1 per cent to Australia’s economic growth.
Foreign Direct Investment also continues to arrive on our shores, reducing pressure on domestic savings. This is despite increasing global competition for these funds and challenging global market conditions. It also reflects the ongoing confidence of international investors in the long-term strength of the Australian economy.
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