The new data also shows strong growth in Australian exports generally, led primarily by the resources trade with North Asia.
On announcing the new figures Minister for Investment and Trade, Mr Andrew Robb, said,“The strong rise in resources exports underlines the transition in the resources sector as major projects shift from construction to production phases. Recently concluded Free Trade Agreements with Korea and Japan will provide even greater opportunities for Australian services exporters.”
Sectoral highlights included:
- Metal ores and minerals were up 22.3 per cent to $96.8 billion
- Other mineral fuels were up 10.9 per cent to $29.3 billion
- Coal, coke and briquettes were up 3.4 per cent to $40.2 billion
The data shows exports rose 10 per cent in 2013-14 to $332 billion, compared with 2012-13. Imports rose 5 per cent to $338 billion. This resulted in the trade deficit narrowing by 70 per cent to $6.1 billion for 2013-14, compared to $20.0 billion for 2012-13.
All broad categories of exports rose: resources exports were up 15.1 per cent to $166.3 billion, rural exports were up 9.6 per cent to $39.8 billion, manufactures were up 6.5 per cent to $42.1 billion, and services were up 9.1 per cent to $57.6 billion.