Manufacturing News

Trade in services sets new record

Australia’s total trade in services reached a new record of $166 billion in 2016-17, driving economic growth and helping create new jobs.

The record has been driven by services exports rising 8.3 per cent to $81.6 billion.

The Trade in Services 2016-17 report, released yesterday by the Department of Foreign Affairs and Trade, reveals tourism, education and business services exports are growing.

Tourism exports increased 7.6 per cent to $37.2 billion in 2016-17. Reflecting this, visitor arrivals increased 9.0 per cent to 8.6 million. New Zealand (1,352,900), China (1,259,100) and the United States (759,400) were Australia’s largest source of international visitors. Almost  600,000 Australians were directly employed in tourism in 2016-17.

Education exports increased 15.8 per cent to $28.6 billion of which the largest component, education-related travel services, rose 16.1 per cent to $28.0 billion.

Exports of business services rose 3.7 per cent to $19.4 billion, other personal travel rose 4.8 per cent to $21.7 billion and transport services increased 8.7 per cent to $7.5 billion.

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During that period, New South Wales was the largest services exporting state accounting for 41.6 per cent of total services export, valued at $33.9 billion. Victoria was second accounting for 25.6 per cent, $20.9 billion, followed by Queensland accounting for 16.2 per cent $13.2 billion.

The Turnbull Coalition Government is working to further grow services exports to create new jobs and drive economic growth.

Reflecting the opportunities created by the China-Australia Free Trade Agreement for services exports, China was Australia’s largest services export market in 2016-17, valued at $14.7 billion.

Recently signed trade agreements, such as the TPP-11 and Peru-Australia Free Trade Agreement, offer Australian services exporters enhanced access to markets in a trade zone with a combined GDP of $13.7 trillion.

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