New data released by the Australian Bureau of Statistics (ABS) shows Australian goods and services exports rose by 1.3 per cent in January 2015 compared to the previous month (seasonally adjusted terms).
The rise in exports follows a 1.2 per cent rise in the December 2014 quarter, which helped net exports contribute 0.7 percentage points to GDP growth in that quarter.
The value of resource exports expanded by 2.3 per cent in January, compared to the previous month, following growth of 1.1 per cent in the December quarter. This was driven by growth in 'other mineral fuels' and 'coal, coke and briquettes'.
"The increase in resource exports reflects the unprecedented investment in the resources sector that we have seen recently, combined with the lower value of the Australian dollar," Mr Robb said.
In 2014, the volume of resource exports was 12.7 per cent higher, compared with 2013. Over the same period, the value of resources exports rose 0.4 per cent. The large increase in volume of resource exports compared with the value of exports was attributable to weaker commodity prices.
The value of exports of Meat and Meat Preparations continued to grow in January 2015, compared to the previous month, following strong growth in the December quarter of 10.8 per cent. Compared to a year ago, Meat and Meat Preparations have surged to be 23.5 per cent higher.
Driven by growth in transport equipment and other manufactures, the value of manufactured exports grew by 2.9 per cent in January compared to the previous month, following strong growth in the December quarter of 7.2 per cent. Compared to a year ago, manufactured exports were 9.7 per cent higher.
While the value of services exports fell marginally by 0.1 per cent in January compared to the previous month, they were 3.8 per cent higher compared to a year ago.
Australia’s merchandise exports to several major trading partners were up in January from a year ago. Exports to the United States rose 52.8 per cent to $940 million, to India rose 55.2 per cent to $787 million, to the Gulf Cooperation Council rose 21.9 per cent to $657 million, and to Taiwan rose 10.7 per cent to $578 million.
"The recently concluded Free Trade Agreements with China, Japan and Korea will also help our exporters take advantage of new opportunities in the major markets of North Asia,” Mr Robb said.
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