Feature
Issue No. 36 - August/September 2007
Surprise export surge
Despite a drought-driven decline in agricultural commodities, Australian exports of goods and services to the US surged by 11 per cent last year to more than $15.6 billion due to demand for services and manufactured products.
While agricultural exports fell by two per cent and mineral and petroleum exports plunged by 39 per cent, Australia's standout export earners in the US were manufactures and services.
Austrade's Regional Director for the Americas Ian Wing said Australia exported a huge volume of diverse manufactured products to the US. “What makes the US market unique for Australian exporters is that around 45 per cent of what we export is manufactured products,” he said.
“The only other market like that is New Zealand. Manufactures are important over here because they reflect Australian capacity to compete on technical and commercial merit in the world's largest and most competitive market for exporters.
“The most interesting thing of all is that while the Australian currency has appreciated by 44 per cent since 2001 manufactured exports are not only holding up, they are growing.”
Exports of manufactures increased 10 per cent last year reflecting strong growth in simply transformed manufactures, such as nickel, aluminium and steel and solid growth of elaborately transformed manufactures such as medical instruments and telecommunications equipment. Services exports exceeded that by growing by 11 per cent, everything fr...
