Trade Talk, 18 August 2016
Trade in services continues growth trajectory
Latest data shows that Australia's trade in services grew an impressive 9.1%, reaching $142.5b in 2015. Significant growth was experienced with China, the United States and the United Kingdom – our top three services export markets. Tourism exports reached a record $30.7b in the year to June 2015, accounting for nearly half of all our services exports.
Australia benefits from free trade agreements
Australia's International Business Survey 2016 Highlights Report says Australian exporters are benefiting from FTAs. Around 67% of exporters believe their business outlook has improved compared to 2015, following the successful completion of FTAs with China, Japan and Korea, Minister Ciobo said. AIBS studies Australia's international business activities and is undertaken by the University of Sydney with support from Austrade, Efic and the Export Council of Australia.
Increasing economic engagement with Latin America
Minister Ciobo has been in Latin America this week, facilitating trade and investment links with Colombia and Chile. Colombia is Latin America's fourth largest economy and presents new opportunities for Australian agri-business, infrastructure and health. Chile is our third-largest trading partner in Latin America and could be a key market for engagement on renewable energy and water management.
Australia ranked 'most exciting destination for conferences'
Research by Tourism Australia on business events has found Australia is the most exciting destination for conferences. International delegates ranked Australia favourably as a destination that could provide an even balance between professional events and leisure. The research not only highlights our competitive advantages in business events tourism, but also gives industry insights on how to make the most of them.
Australia and China: transitioning economic relationship
An independent report jointly prepared by Australian and Chinese research organisations concludes that the Australia–China relationship is expected to change over the next decade as China's economy matures and its middle class expands. Australia's energy and resources will remain key, but our relationship will be augmented by services such as education and tourism, as China shifts its growth drivers from investment, exports and heavy industry to consumption, innovation and services.
Amendments to the Aviation Transport Security Regulations 2005
The Australian Government has released draft amendments to the Aviation Transport Security Regulations 2005. The amendments will change the Regulated Air Cargo Agent and Accredited Air Cargo Agent schemes and create a Known Consignor scheme to help exporters meet new requirements for cargo to the United States. Businesses and industry groups have the opportunity to discuss these changes and provide feedback. This can be sent via email to email@example.com.
Is your business 'export ready'?
Efic's free ExportCheck Diagnostic Tool provides knowledge and support for Australian businesses looking at entering new export markets or operating as a supply chain contractor. The tool provides a customised report on operational areas such as strategy, planning and market knowledge; products and services; sales and marketing; and compliance as well as an assessment on expected performance in selected countries.
Did you know?
In 2015-16, over $39 billion of Australia's exports were freighted by air compared to the $198 billion by ship.
Upcoming Trade Events
Know-How for Inbound Tourism Excellence program
Melbourne VIC, 21 September 2016
This program by the Australian Tourism Export Council helps businesses connect with the international tourism market. The Know-How for Inbound Tourism Excellence or KITE program prepares tourism businesses for international readiness, providing market specific insights and specialist topic webinars. Visit the registration page to search for further dates and locations.