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Services exports reach new record
06.08.2018
Australia’s total trade in services increased 7.2 per cent to a record high of $173.1 billion in 2017, helping create new Australian jobs and drive economic growth.
This was driven by services exports rising 8.8 per cent to a record $84.7 billion.
As a share of Gross Domestic Product (GDP) Australia’s services exports were 4.7 per cent in 2017.
The growth of Australia’s services exports is detailed in Trade in Services 2017 released today.
The Department of Foreign Affairs and Trade report reveals education exports increased 17.2 per cent to $30.8 billion, business services rose 9.3 per cent to $20.4 billion and transport services increased 4.8 per cent to $7.6 billion.
New South Wales was the largest services exporting state in 2017, accounting for 42.1 per cent of total services exports, valued at $35.7 billion. Victoria was second, accounting for 26 per cent, $22.0 billion, followed by Queensland, accounting for 15.6 per cent, $13.2 billion.
China remains Australia’s largest services export market, valued at $15.8 billion, following the opportunities created by the China-Australia Free Trade Agreement.
Growing services exports is part of the Turnbull Government’s plan for a stronger economy.
The Turnbull Government is pursuing an ambitious trade agenda to open new markets for Australia’s services exporters. The more Australians export their services, the more Australian jobs created.
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The total number of "t"s in that passage is ninety-three.
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