Trade Talk 8 May 2014

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

Australia records fourth consecutive monthly trade surplus

Australia recorded its fourth consecutive trade surplus in March. The $731 million March surplus follows a $1.3 billion surplus in February and was recorded despite a 1.8% fall in exports to $29 billion. The March trade data reveals imports remained steady at $28 billion.

TIM Media Release: Australia records fourth straight monthly trade surplus

Minister pursues trade and investment in Europe

Minister Robb is in Europe for a series of meetings, including with his OECD and WTO counterparts. During the visit Mr Robb is focusing on deepening bilateral and trade investment relationships, and advocating the benefits of lowering trade costs to help business compete in global markets and supply chains.

TIM Media Release: Robb pursues trade and investment in Europe

Australia chairs 6th round of Trade in Services Agreement (TiSA) negotiations in Geneva

Australia chaired the 6th round of TiSA negotiations in Geneva last week. Good progress was made across all areas of the negotiations. There was a substantial industry presence in the margins of the negotiations, and a TiSA public information session addressed by Australia's Ambassador to the WTO.

DFAT News: Sixth Round (28 April – 2 May).

New research confirms tourism (both indirect and direct) as key economic strength

Over 920,000 Australian jobs are linked to tourism, and for every dollar spent on tourism an additional 90 cents is generated in other parts of the economy according to new research by Tourism Australia. The research confirms tourism is an economic strength for Australia, accounting for 6% of Australia's GDP.

TIM Media Release:  New research confirms tourism as key economic strength

TRA Report: Tourism’s Contribution to the Australian Economy, 1997–98 to 2012–13

Australia tops OECD well-being index

Australia has topped the OECD's Better Life Index for the fourth consecutive year. The Index measures well-being among OECD countries across 11 categories including income, wealth and civic engagement. Australia was rated above average in all 11 categories, except for work-life balance.

OECD:  OECD Better Life Index

Public-Private Partnerships (PPPs) help meet development challenges

The ADB estimates that $800 billion is needed annually in the Asia and Pacific region in infrastructure investment until 2020. PPPs help address critical infrastructure needs, and good infrastructure is critical to economic growth. To foster strong PPPs, incentives and the right climate for investments are needed.

ADB Media Release:  Developing Asian economies can and should create more public-private

APEC Business Advisory Council (ABAC): Slower growth compels further economic reform

ABAC met in Santiago, Chile, this week to discuss the APEC economy. The meeting comes in the wake of a downward revision to APEC growth data. "[The data] reinforces the need for policy reforms to promote greater regional integration" said ABAC's Finance and Economics Working Group Chair, John Denton.

APEC News Release: Slower growth compels further economic reform: APEC business advisors

Is China about to overtake US as the world's largest economy?

New data from the World Bank shows that China's economy was 87% of the size of the US in 2011 (in Purchasing Power Parity terms) and will overtake the US as the world's largest economy by end of 2014. However IMF data suggests this shift will not occur until 2019.

BBC:  Is China about to overtake US as the world's largest economy?

Did you know?

The EU accounted for 28% of Australia's total outward investment in 2013, equating to $456 billion. More than half was to the UK, followed by Germany and France.

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



Last Updated: 8 May 2014