Exports continue to grow

  • Media release

The value of Australia'sexports continued to grow strongly in 2016-17, underpinned by strong outcomesin both goods and services.

These strong exportoutcomes underpinned Australia's $12.4 billion trade surplus in 2016-17, a$49.1 billion turnaround from the $36.7 billion deficit a year prior accordingto data released by the Australian Bureau of Statistics.

The result reflects theTurnbull Government's commitment to free trade, which continues to underpinAustralia's enviable economic prosperity and high standard of living.

The increase in theexports of goods in 2016-17 was primarily driven by resources, including coal(up $19.7 billion or 57.1 per cent), metal ores and minerals (up $16.2 billionor 23.4 per cent), and oil and gas (up $6.1 billion or 26.7 per cent). Exportsof rural goods also rose firmly (up $3.4 billion or 7.9 per cent).

Given Australia'spre-eminent reputation as a destination for international tourists andstudents, services exports continued to rise steadily through 2016-17,increasing by $5.3 billion or 7.8 per cent for the year.

China, Japan and Koreaall remained major export destinations for Australian goods and services in2016-17. The free trade agreements the Coalition delivered with these threecountries will continue to deliver tangible benefits for Australians for manyyears to come.

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