Australian Exports Reach Record High

LATEST AUSTRALIAN BUSINESS NEWS

Australian exports reached their highest monthly level ever in April, growing at 9% to reach $14.6 billion. This is the strongest monthly exports growth since the Olympics in September 2000 and the highest monthly level ever recorded.

According to the Federal government Australian exports are on track to achieve a record level in value and volume terms in 2004-05. Total exports in the 10 months to April 2005 were $133.2 billion, up 13.8% compared to the 10 months to April 2004.

The largest contributor to exports growth was a 14% rise in non-rural and other goods exports. This reflected a rise in coal exports of 35% and a rise in iron ore exports of 18 %, as higher contract prices start to flow through to export receipts.

Despite the drought, rural exports rose 7%, reflecting higher exports of live animals and fishery products. Strong growth was recorded in transport equipment exports, which rose 28% and metal exports (up 18%). Services exports moderated slightly after strong growth in the March quarter.

April's International trade in Goods and Services saw a slight moderation in imports in April and the trade deficit halved from $2.6 billion to $1.3 billion, the lowest deficit since January 2003.

There were falls in imports of consumption goods and intermediate goods, while capital goods imports increased, indicating businesses increased investment in imported inputs into production in the month. There was a slight rise in services imports.

For information on this article, or on any other aspect of the Australian economy or business opportunities available, please email me.

David
editor@agarcarlyon.com