Services Exports Continue to Rise
Media release from the Australian Department of Foreign Affairs and Trade
Australia's services exports continued to rise in 2005, increasing four per cent to $37.2 billion, according to a Department of Foreign Affairs and Trade publication, Trade in Services Australia 2005, released today.
Three major service activities are in Australia's top ten exports. Personal travel services (excluding education-related), at $10.9 billion and up 2 per cent on 2004, were ranked third after coal and iron ore; education services, at $7.5 billion and up 9 per cent, were ranked fourth; and passenger transportation services, at $4.2 billion and up 2 per cent, ranked tenth.
Other services exports showing significant increases in 2005 included engineering services; business and management consultancy and public relations services; royalties and licence fees; and construction services. Exports of financial services and insurance services were also higher in 2005.
The United States was the single largest destination for service exports in 2005, with exports up 4 per cent to $4.4 billion. Exports also rose to other major destinations such as New Zealand (up 9 per cent to $2.7 billion), China (up 19 per cent to $2.5 billion), Singapore (up 12 per cent to $2.4 billion, and the Republic of Korea (up 17 per cent to $1.2 billion). Services exports to Malaysia and India each exceeded $1.0 billion for the first time, with exports to Malaysia rising 8 per cent to $1.05 billion and exports to India rising 53 per cent to 1.03 billion.
This 2005 issue of Trade in Services, Australia is the first issue presented on a calendar year basis and will now be published twice a year, on both a calendar year and financial year basis. In addition to the detailed official statistics on Australia's trade in services collected by the Australian Bureau of Statistics, the publication presents information on international student enrolments; numbers of short-term visitor arrivals and departures; tourism expenditure; and tourism purpose of journey information. Copies can be purchased through the Market Information and Analysis Section (Ph 02 6261 3114, Fax 02 6261 3321 or email email@example.com).
The main features and analysis from the publication are available on the department's website at /publications/statistics.html. Orders for the publication can also be placed at this website.
Media Inquiries: DFAT Media Liaison on 02 6261 1555