Part A Current International Trade Performance Australia's International Trade Performance has improved over the past 24 months. The Australian markets have remained steady despite volatile US investors. In recent months, the Australian economy has generally surprised on high side as housing, exports, and consumer spending has led Australia's steady trade performance. The Current Account Deficit has reduced substantially over the past months but will the Australian economy survive the effects of the US disaster. This report examines a number of key economic indicators to highlight this opinion.
Economic Growth has severely decreased from 5% in June 2000 to 2.1% in March 2001, but all the relevant indicators show a strengthening economy. The Australian economy remains to strengthen despite the attacks on the World Trade Centre on September 11.
The balance on goods and services is a surplus of $33 million. This is a decrease of $1,082 million on the surplus in July.
Exports of goods and services fell $290 million (2%) to $12,864 million. Non-rural and other goods fell 4% ($313) million and rural goods rose by 6% ($157 million). See Figure 1.1 below. Services credits fell $134 million (5%) to $2,633 million See Figure 1.2 below (Australian Bureau of Statistics 2001 pp 3 ""4) Figure 1.1 Figure 1.2 Rural goods rose $157 million (6%) to $2,683 million, while non-rural and other goods decreased $313 million (4%) to $7,548 million. Other goods rose $4 million (1%) to $604 million, with the main increase in goods for processing, up $55 million (138%), mainly due to re-exports of gold for processing rising $54 million (145%). This rise was partly offset by a fall in non-monetary gold, down $43 million (9%) mainly due to decreased export volumes of gold bullion.
(Australian Bureau of Statistics 2001 pp 4 ""5) Imports of goods and services...