Record trade results for Australia

The value of Australia'sexports reached $32.6 billion in December, the highest level ever in ourhistory, according to figures released today by the Australian Bureau ofStatistics.

This record exportperformance resulted in a trade surplus of $3.5 billion, also the largest everrecorded, and a represents a $7.9 billion turnaround in the monthly tradedeficit from December 2015. This strong outcome was underpinned by recordlevels of exports of both goods ($26.5 billion) and services ($6.2billion).

Today's figures further reinforcethe Turnbull Government's economic plan to pursue trade agreements and openmarkets. Our plan is creating export opportunities that are generating jobs andeconomic growth for Australia and supporting Australia's transition to a morediverse and prosperous economy.

Australia's annual exportsin 2016 also rose by 4.2 per cent to a record high of $329 billion. This recordgrowth was driven by large increases in LNG, coal, gold, iron ore and servicesincluding both tourism and education. This growth comes despite a slowdown inglobal trade.

The trade agreements theCoalition secured with China, Japan and Korea have played a key role in liftingAustralia's export potential and have provided a boost to Australia's economicprosperity. Exports to China, Japan and Korea have all increased substantiallythrough the year to December 2016 to remain key export markets.

Overall, our net exportscontributed 1.4 per cent to economic growth in 2015-16 when Australia's economygrew by 2.7 per cent. Net exports are expected to contribute positively togrowth out until 2017-18 at least.