Trade Talk 17 August 2017
Aussie exports deliver trade surplus
The value of Australia's goods and services exports continued to grow strongly, creating a $12.4bn trade surplus in 2016-2017 – a $49.1bn turnaround from the $36.7bn deficit a year ago. ABS data shows the increase in goods exports is primarily driven by resources, including coal, up $19.7bn or 57.1 per cent, metal ores and minerals, up $16.2bn or 23.4 per cent, and oil and gas, up $6.1bn or 26.7 per cent.
Services set stunning new record
Australia's services exports grew by over 9 per cent to set a new record of $71.2bn last year, cementing services exports as a significant driver of our economy, Minister for Trade, Tourism and Investment Steven Ciobo said. The latest Trade in Services Australia 2016 publication shows booming tourism and international education are major sectoral contributors, with China at $11.3bn, the United States at $8.2bn and Singapore at $4.8bn, our largest markets.
Video series to help business benefit from Australia's North Asia FTAs
Assistant Minister for Trade, Tourism and Investment Keith Pitt launched promotional videos this week outlining the benefits of Australia's North Asia Free Trade Agreements (FTAs) with China, Japan and Korea. The videos provide an overview of the benefits with links to information about upcoming FTA seminars in urban and regional areas across Australia. "Our seminars, and now these videos, are designed to help, in particular, small and medium-sized businesses begin planning their move into North Asia or expand existing export activity," Minister Pitt said. The videos are available through YouTube and the Austrade website.
World trade continues modest recovery
The WTO's latest World Trade Outlook Indicator suggests global merchandise trade growth will continue to strengthen in the third quarter of 2017. The indicator is at its highest level since April 2011, suggesting trade volume growth will continue to be above trend in the third quarter of 2017.
WTO Media Release
The recent pick-up in global merchandise trade
The RBA's quarterly Statement on Monetary Policy sets out the Bank's assessment of current economic conditions, both domestic and international, along with the outlook for Australian inflation and output growth. This edition focuses on the recent pick-up in global merchandise trade as a special interest item.
DFAT business envoy focuses on services
The rise of services exports is a driving force that will ensure Australia's record-breaking 26 years of economic growth continues. DFAT's latest edition of Business Envoy, a bi-monthly publication connecting DFAT to business, can tell you more.
China's latest economic outlook in six charts
The IMF Executive Board concluded its 2017 Article IV Consultation with the People's Republic of China this week, and its findings are presented in six charts in addition to a report highlighting, among other things, the importance of a broader improvement in the investment climate, including reducing barriers to entry, ensuring a level playing field, and reducing trade barriers.
IMF Media Release
Australia-ASEAN Council promotes food and agricultural trade
Diplomatic Heads of Mission and representatives to Australia from ASEAN countries are visiting Toowoomba this week to promote cooperation in agriculture, infrastructure, logistics, and food distribution in rural areas in the lead up to the ASEAN-Australia Special Summit in Sydney in March next year.
Did You Know?
Australia's services exports grew faster than any other major developed economy in the world last year.
Upcoming Trade Events
Free Trade Agreement Information Seminars
Bundoora, VIC, 21 August 2017
Warrnambool, VIC 22 August 2017
Devonport, TAS, 23 August 2017
Find out how you can take advantage of the North Asia Free Trade Agreements (FTAs) with China-Australia (ChAFTA), Japan-Australia (JAEPA) and Korea-Australia (KAFTA). These interactive sessions will give you an opportunity to learn about the practical benefits you may be able to realise from these FTAs. Presenters include The Hon Keith Pitt MP, Assistant Minister for Trade, Tourism and Investment and representatives from DFAT, Austrade and more. Suitable for business people in all industries.
Capture Global Business Opportunities for SMEs Briefing
Melbourne, VIC, 22 August 2017
This Victoria Chamber of Commerce and Industry briefing will explore how to leverage opportunities through the use of Australia's FTAs with our key trading partners. The seminar will explore the steps to take, the mistakes to avoid, and some practical tips for exporting.
Doing Business with the US
Barangaroo, NSW, 24 August 2017
Brought to you by the American Chamber of Commerce in Australia's Trade Advisory Board, this interactive workshop will provide practical information for Australian businesses considering opportunities in the United States.
2017 Asia-Pacific Regional Conference
Perth, WA, 3-5 November 2017
This bilateral Germany-Australia conference of political and business leaders will explore new investment and trade opportunities with a special focus on Asia-Pacific growth. Hear about future opportunities in areas such as mining and resources, Industry 4.0, energy, disruptive technologies, defence industries and how Australia acts as a premier business gateway for the Asia-Pacific region.
Trade Articles obtained from non-Australian Government sources do not necessarily reflect the views of the Australian Government.