ABS figures show strength of Queensland exports

The latest trade figures released by the ABS show that Queensland recorded strong growth in the area of services exports during 2007-08.

Queensland recorded services exports to the value of $8.757 billion for the period 1 July 2007 to 30 June 2008.

Minister for Trade John Mickel said this was an increase of $768 million on the previous year’s services export figure, or almost 10 per cent growth.

The ABS figures show that Queensland was Australia’s third-largest services exporting State last financial year behind New South Wales and Victoria, which recorded results of $20.6 billion and $13.0 billion respectively.

Queensland also recorded the third-highest percentage increase behind Western Australia (up 15.7 percent) and Victoria (up 15.4 percent).

Mr Mickel said that this was an encouraging result for the State’s services exports.

It follows the release last month of separate ABS figures showing thatQueensland’s merchandise export growth was nearly double the national average, and well ahead of other Australian States during the first quarter of the current financial year when compared to the same period last year.

“The preliminary value of Queensland’s overseas merchandise exports for the July-September period this year compared to the same period last year, shows an increase in export value of $7 billion or 82.7 per cent – well above the national average increase of 41.6 per cent,” Mr Mickel said.

“The trade data clearly demonstrates that Queensland achieved significant growth ahead of the other key Australian exporting states in the first quarter.

“New South Wales merchandise exports grew by 27.8 per cent, Victoria’s grew by 5.2 per cent and Western Australia recorded growth of 47.7 per cent for the same period.

Mr Mickel attributed Queensland’s significant first quarter export growth largely to strong performances in mining-related exports, manufacturing and rural exports.

“The dollar value of Queensland’s first quarter merchandise exports increased from $8.46 billion to $15.46 billion and can be largely attributed to the strength in the Australian dollar at the time, strong export commodity prices, and continued strength of Queensland’s targeted export markets and emerging economies,” he said.

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18 December 2008