Services exports reach new record

Australia's total trade inservices increased 7.2 per cent to a record high of $173.1 billion in 2017,helping create new Australian jobs and drive economic growth.

This was driven by servicesexports rising 8.8 per cent to a record $84.7 billion.

As a share of Gross DomesticProduct (GDP) Australia's services exports were 4.7 per cent in 2017.

The growth of Australia'sservices exports is detailed in Trade in Services 2017 releasedtoday.

The Department of ForeignAffairs and Trade report reveals education exports increased17.2 per cent to $30.8 billion, business services rose9.3 per cent to $20.4 billion and transport services increased4.8 percent to $7.6 billion.

New South Wales was the largestservices exporting state in 2017, accounting for 42.1 per cent oftotal services exports, valued at $35.7 billion. Victoria was second,accounting for 26 per cent, $22.0 billion, followed by Queensland,accounting for 15.6 per cent, $13.2 billion.

China remains Australia'slargest services export market, valued at $15.8 billion, following theopportunities created by the China-Australia Free Trade Agreement.

Growing services exports is partof the Turnbull Government's plan for a stronger economy.

The Turnbull Government ispursuing an ambitious trade agenda to open new markets for Australia's servicesexporters. The more Australians export their services, the more Australianjobs created.

Trade in Services 2017 isavailable at: http://dfat.gov.au/about-us/publications/Pages/trade-in-services-australia.aspx