The number of Australian exporters are up
The number of exporters of goods and services increased nine per cent (or 4,160 exporters) to 51,228 in 2014-15. In terms of goods exporters, the largest rise was in small businesses, with the number of exporters up 3,247 (or 13%) to 28,470, with medium business up three per cent to 14,126 and large businesses up five per cent to 6,085. The total value of goods and services exports decreased four per cent to $318b. The decrease in the value of goods exports was mainly driven by the mining industry decreasing in value by $21b, following significant falls in commodity prices.
Value of Australia’s trade in goods and services increases
Australia’s total trade values have increased an average of 3.4 per cent per annum since 2010 while volumes increased 3.7 per cent per annum, as reported in DFAT’s recent Composition of Trade Australia 2015 publication. Exports of rural goods increased 11.2 per cent to $45.1b in 2015. Meat exports increased 13.5 per cent to $13.1b, cereals rose 4.1 per cent to $9.3b and wool and sheepskins increased 18.2 per cent to $3.3b.
Protectionism is bad for growth
Cooperation on trade under globally-agreed rules has helped the world become more peaceful, richer and more developed. However, trade is under pressure in many countries and people are becoming more sceptical. Protectionism is creeping in and it’s bad for growth, writes Danish Minister of Foreign Affairs Kristian Jensen and WTO Director General Roberto Azevêdo.
Review of the Australian System of Tariff Preferences – invitation for submissions
DFAT is reviewing Australia’s System of Tariff Preferences. This is the preferential tariff system that lowers tariffs for least developed and developing countries. A discussion paper has been published on the DFAT website and submissions to the review are open until July 15, 2016. Businesses that import from developing countries may have a particular interest in the review.
Jin Air to commence seasonal service to Cairns
Tourism Australia in partnership with Tourism and Events Queensland has entered a new deal with Korean airline Jin Air in Seoul this week to secure a new seasonal service to Cairns. The new partnership agreement will see the two organisations support a seasonal twice-weekly service from Incheon Airport in the South Korean capital to Cairns in Tropical North Queensland from December this year.
Panama opens $7.2b canal extension to boost world trade
After nearly a decade in the making, Panama has opened the new A$7.2b expansion of its shipping canal. The modifications will double the Panama Canal’s capacity. The expansion is expected to triple the $1b in revenue Panama currently gets from canal shipping fees.
Did you know?
The Chinese mega container ship Cosco Shipping Panama was the first vessel to enter the expanded Panama Canal carrying more than 9000 containers. Even bigger container ships capable of carrying up to 14,000 containers, more than double previous maximums, will now be able to pass through the canal.
Upcoming Trade Events
Know-How for Inbound Tourism Excellence program
Adelaide, 30 June 2016
This program by the Australian Tourism Export Council helps businesses connect with the $36.6b 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.
Speed Networking for International Business
Western Sydney, 5 July I Griffith, 6 July I Byron Bay, 12 July I Wollongong, 22 July 2016
The NSW Government and the Export Council of Australia invite you to attend a free Speed Networking for International Business program which covers important topics that matter to all international traders. Industry experts discuss topics including managing international freight risks, protecting your intellectual property rights, finance for success and FTAs.
Visit the DFAT trade website for more on Australian trade, including FTA updates, the latest trade statistics and Trade Talkand business envoy.
Trade Articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.