Trade Talk 6 June 2014

Trade Talk brings you a selection of the latest trade news from Australia and the world.

Surge in exports underpins GDP growth in March quarter

Net exports recorded a $15.1b surplus on its March quarter goods and services trade. ABS data reveals a 5% surge in export volume. Net exports added 1.4% to Australia’s GDP growth and were the largest contributor to the March quarter’s 1.1% GDP growth.

ABC: Resource export surge boosts growth, slashes current account deficit

Arrivals from Asia contribute to strong tourism growth

Visitor arrivals from Asia have contributed to a 6% increase in overall arrivals to 6 million in the year ended March 2014. Arrivals from Malaysia increased 15%, from China 14% and from Singapore 13%. Visitor expenditure increased 6% to $29.6b. Tourism is Australia’s largest services export industry.

TIM Media Release:  China leads growth in tourism numbers from Asia

Update on Pacific Agreement on Closer Economic Relations (PACER) Plus negotiations 

Pacific Islands Forum Trade Ministers welcomed progress in the PACER Plus negotiations at their annual meeting held in Kiribati last week. Ministers directed officials to intensify their engagement with a view to making further significant progress. The next negotiating session will be held from 10 -12 June in Australia.Pacific Islands Forum: Forum Trade Ministers' Meeting (FTMM) - Outcomes

Pacific Islands Forum:  Forum Trade Ministers' Meeting (FTMM) - Description

APEC Ministers push for gender equality and economic empowerment

APEC Ministers concluded the APEC Women and the Economy Forum by releasing a statement on advancing gender equality and economic empowerment for women in the Asia-Pacific. Limits on participation by women in the workforce across the region cost an estimated US$89b annually, according to the UN.

Joint Australian Ministerial Press Release: APEC Forum confirms economic gain by increasing women’s participation

APEC Press Release: APEC Ministers joint statement on advancing gender equality

JSCOT public submissions on Korea FTA close Monday 16 June

Submissions on the Korea-Australia Free Trade Agreement to Parliament’s Joint Standing Committee on Treaties (JSCOT) will close on Monday 16 June. The Committee invites interested persons and organisations to make submissions before this date.

Parliament of Australia: Treaties tabled on 13 May 2014

Mongolia’s confident new strategy toward prosperity

Mongolia’s Foreign Minister says that Mongolia’s culture of risk taking has created a path to greater prosperity. The Minister says that Mongolia’s transition to democracy helped overcome economic challenges and led to high growth. The private sector accounts for 80% of economic output in Mongolia.

East Asia Forum Blog: Mongolia’s confident new strategy toward prosperity

Did you know?

Over 50 Australian companies have a presence in Mongolia working on a variety of projects, including in Mongolia’s large mining sector and installing Mongolia’s first large-scale wind farm.

Trade articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.

Last Updated: 6 June 2014