Trade in services increase in 2012-13
The Department of Foreign Affairs and Trade report 'Trade in Services, Australia 2012-13' released today the shows Australia's total trade in services increased 4.2 per cent year-on-year to $116.4 billion in 2012-13. Services exports rose 3.7 per cent to $52.4 billion, while imports of services rose 4.5 per cent to $64.0 billion.
The biggest rises in services exports were in financial services, professional and management consulting services and business travel services. In particular, financial services exports rose 42.8 per cent to $2.0 billion.
Australia's top three services export markets were China (up 7.3 per cent to $6.7 billion), the United States (up 5.1 per cent to $5.5 billion) and the United Kingdom (up 4.6 per cent to $3.9 billion). Australia's top three services import sources were the United States (up 3.3 per cent to $11.4 billion), the United Kingdom (up 0.3 per cent to $5.2 billion) and Singapore (up 11.1 per cent to $4.6 billion).
The Australian Government is committed to opening new market access for Australian service providers, which constitute 70 per cent of Australia's economy and employ four out of five Australians.
Australia, with the United States and the European Union, is leading negotiations on a services-only free trade agreement known as the Trade in Services Agreement (TiSA), which will set a new standard in services trade commitments.
The Korea-Australia Free Trade Agreement (KAFTA), concluded in December last year, will provide Australian services exporters with the best treatment Korea has agreed with any trading partner, on par with its agreements with the United States and the EU.
The Department publishes an extensive range of trade and economic statistics, which are available publicly on the Department of Foreign Affairs and Trade website. To assist Australian businesses, the Department also offers a trade data consultancy service, which can produce reports tailored to specific requirements. For further information, email email@example.com.
- DFAT Media Liaison 02 6261 1555