Total exports fall by 4%, resources fall 14%
TOTAL exports fell by 4% last financial year to $319 billion, despite increases in several sectors, according to Australian Bureau of Statistics figures.
The value of services exports increased 9% to $63 billion, rural exports increased by 7% to $43 billion and manufacturing exports increased 4% to $44 billion.
The value of resource exports declined last financial year to $143 billion, 14% down on the previous year and that was reflective of lower commodity prices.
Trade Minister Andrew Robb said on Wednesday the growth in the services, manufacturing and rural export sectors had cushioned the impact of falling resource export earnings.
"With the end of the resources boom, Australia's economy will need to transition to a broader growth base," he said.
"Australia is indeed a services economy and there are strong future growth prospects in a range of areas including tourism and hospitality, education, banking and financial services, health and aged care, to name a few.
"The increase in non-resource exports highlights the trade opportunities available to Australian exporters in these industries."
- APN NEWSDESK.