Economic briefing note on Victoria's exports of goods in October 2016

October 2016

Release date: 8 December 2016
Next release: 9 January 2017

Note: Monthly data used is calculated as the sum of the reported figure for the month and the preceding two months. This reduces volatility in the time series.

Exports of goods

This chart shows annual percentage growth in Australian and Victorian goods exports for each month between October 2006 and October 2016. A three monthly average is used to reduce volatility.  The chart shows that both Australia and Victoria have experienced highly volatile annual per cent growth in exports of goods, with Victorian growth trends broadly similar to that of Australia, though experiencing more contained volatility.  Annual growth for October 2006 was 12.0 per cent for Victoria and 18.7 per cent for Australia. The growth rate subsequently declined in Victoria and Australia before reaching a low in November 2007 of -6.1 per cent for Victoria and -2.4 per cent for Australia. The Australian growth rate grew rapidly until November 2008 reaching a peak of 63 per cent before declining rapidly to -31.5 per cent in November 2009. Victoria experienced a lower peak of 19.1 per cent in November 2008 but a similar decline to -25.1 in November 2009.  The Australian growth rate then peaked again at 38.9 per cent in August 2010 while the Victorian growth rate fluctuated between 3 and 16 per cent until September 2012 when the growth rate became negative. The Australian growth rate then fell to -15.2 per cent in October 2012 and has since had less volatility, reaching a peak of 19.2 per cent in February 2014. Since mid-2014, the Australian growth rate has fluctuated between 0 and -12.1 per cent. Victoria has had similar fluctuations but has recorded positive peaks in December 2014 (3.9 per cent) and October 2015 (6.3 per cent). In October 2016 the Victorian growth rate was -4.5 per cent and the Australian growth rate was -0.9 per cent.

Victoria

Victoria exported $1934 million worth of goods, which represents a -4.5 per cent annual change to October 2016 and a -2.5 per cent change in the month to October 2016.

Australia

Australia exported $21,328 million worth of goods, which represents a -0.9 per cent annual change to October 2016 and a 0.7 per cent change in the month to October 2016.

Export of goods NSW VIC QLD SA WA TAS NT AUST
October 2016 ($ million) 3243 1934 4270799 9060200 336 21,328
Annual change to October 2016, $ million (%) 80 (2.5) -92 (-4.5) 45 (1.1) -218 (-21.4) 259 (2.9) -38 (-16.1) -123 (-26.9) -190 (-0.9)
Change in the month to October 2016, $ million (%) 48 (1.5) -50 (-2.5) 128 (3.1) -26 (-3.1) 7 (0.1) 8 (4.4) 18 (5.7) 143 (0.7)

Australia's exports of goods and services

This chart shows the value of goods and services exports in Australia between October 2006 and October 2016 in billions of dollars. Services exports have grown slowly from $3.8 billion in October 2006 to $6.2 billion in October 2016. Services exports grew steadily to December 2008 before remaining mostly flat until mid-2012. Since then, services exports have grown at a significantly faster pace. The value of goods exports are significantly higher than that of services. Goods exports have also experienced greater fluctuations. In October 2006, the value of goods exports was $14.3 billion. The value of goods exports remained flat at about $14 billion until about February 2008 when it increased rapidly, reaching a peak in October 2008 of $23.1 billion. This was followed by a decline to $14.6 billion in August 2009 and remained flat for the rest of 2009. From January 2010 there was another period of strong growth reaching a peak of $21.6 billion in June 2010. This was followed by a small decline and then a positive but volatile trend, reaching a peak of $24.4 billion in January 2014. There has since been a negative but volatile trend. Goods exports were $21.4 billion in October 2016. 

Rural

Rural exports included $3441 million worth of goods, which represents a -4.2 per cent change in growth in the month to October 2016.

Rural exports which had the largest change in growth

Export Percentage change (%) Nominal change ($ million)
Other rural-1.1-19.0
Cereal -3.0-22.0
Wool -7.1-22.0

Non rural

Non rural exports included $16,224 million worth of goods, which represents a 1.4 per cent change in growth in the month to October 2016.

Non rural exports which had the largest change in growth

Export Percentage change (%) Nominal change ($ million)
Other mineral fuels11.5231.0
Coal, coke and briquettes 7.5241.0
Machinery1.210.0

Services

Service exports included $6212 million worth of goods, which represents a 2.0 per cent change in growth in the month to October 2016.

Service exports which had the largest change in growth

Export Percentage change (%) Export Nominal change ($ million)
Postal and courier transport12.5Other services84.0
Freight transport8.7Transport 21.0
Maintenance and repair services7.7Travel15.0

Source: Australian Bureau of Statistics (ABS), cat. no. 5368.0 – International trade and goods and services

Contact

Please email economic.analysis@ecodev.vic.gov.au for more information.

Page last updated: 29 December 2016