Australia's total trade in services rose 3.5 per cent to $111.4 billion in 2011-12, according to Trade in Services, Australia 2011-12.
The report, released today by the Department of Foreign Affairs and Trade, shows services exports rose 0.4 per cent to $50.6 billion in 2011-12.
Australia's top three services export markets were China ($5.7 billion, up 1.9 per cent), the United States ($5.2 billion, up 0.5 per cent) and the United Kingdom ($3.9 billion, down 2.2 per cent).
The biggest rises in services exports could be seen in business travel services, professional services and financial services. Financial services exports in particular rose 32.2 per cent to $1.4 billion. Financial services exports were at peak levels of $3 billion in 2006-07, just before the global financial crisis.
Alongside the rise in financial services was the rise in business travel services exports, of 19 per cent to $3.9 billion, with the number of business travellers to Australia rising 5.1 per cent to 1.1 million. Exports of professional and management consulting services rose 14.7 per cent to $3.6 billion, with strong increases in accounting services, management fees and legal services. Partially offsetting the exports rises were falls in education-related travel and technical and other business services.
Australia's imports of services increased 6.2 per cent to $60.8 billion, mainly due to a rise in transport services (up 9.5 per cent) to $16.1 billion. In 2011-12, the number of Australians travelling overseas rose 8 per cent to a record 8 million travellers (more than half were holiday makers), contributing to the 4 per cent rise in travel services.
Australia's top three services import sources were the United States ($11 billion, up 5.7 per cent), the United Kingdom ($5 billion, up 0.6 per cent) and Singapore ($4.1 billion, up 11.3 per cent);
The Trade in Services Australia 2011-12 report is available at www.dfat.gov.au/publications/stats-pubs/trade-in-services.html.
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