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

March 2016

Release date: 5 May 2016
Next release: 2 June 2016

Export of goods

This chart shows annual percentage growth in exports of goods annual per cent growth, latest 3 months between March 2006 to March 2016 for Australia and Victoria. It 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.  In the year to the latest 3 months to March 2006 Victoria experienced growth in exports of 3.1 per cent. Growth then remained positive, reaching a high of 12.9 per cent in the year to the latest 3 months to October 2006. Growth then declined to a low of negative 6.1 per cent in the year to the latest 3 months to December 2007. This was followed by an upwards trend in growth in the year to the latest 3 months to December 2008 peaking at 19.1 per cent. Following this there was a decline in growth to negative 25.1 per cent in the year to the latest 3 months to December 2009, followed by a rally to 15.1 per cent growth in the year to the latest 3 months to August 2010. Growth then trended downwards, falling to negative 4.4 percent in the year to the latest 3 months to February 2013. Growth returned to positive between the year to the latest 3 months to March 2013 and the year to the latest 3 months to July 2014, reaching a high of 19.2 per cent in the year to the latest 3 months to March 2014. Since March 2014 growth has trended downwards, reaching a low of negative 6.0 per cent in the year to the latest 3 months to April 2015 and sits at negative 1.4 per cent in the year to the latest 3 months to March 2016. In the year to the latest 3 months to March 2006 Australia experienced growth in exports of 26.5 per cent. Growth then declined to a low of negative 2.4 per cent in the year to the latest 3 months to December 2007. This was followed by a steady increase in growth in the year to the latest 3 months to December 2008, reaching a high of 63.0 per cent. Between the year to the latest 3 months to December 2008 and the year to the latest 3 months to January 2010, Australia experienced declining growth in exports of goods, reaching a low of negative 31.5 per cent. This was followed by a rise in growth to a high of 36.7 per cent in the year to the latest 3 months to August 2010. Following this there was a decline in growth to 5.4 per cent in the year to the latest 3 months to July 2011, followed by a small rally to 15.6 per cent growth in the year to the latest 3 months to November 2011, leading to a decline to negative 15.2 per cent growth the year to the latest 3 months to November 2012. By the year to the latest 3 months to March 2014, growth had risen to 19.2 per cent. Between March 2014 and the year to the latest 3 months to May 2015 growth in exports of goods fell to negative 10.4 per cent. This was followed by a rally to growth of negative 0.4 per cent in the year to the latest 3 months to November 2015, with growth of negative 12.0 per cent in the year to the latest 3 months to March 2016.

Victoria

Victoria exported $5496 million worth of goods, which represents a -2.0 per cent annual change to March 2016 and a -0.6 per cent change in the month to March 2016.

Australia

Australia exported $56,501 million worth of goods, which represents a -9.5 per cent annual change to March 2016 and a 0.2 per cent change in the month to March 2016.

Export of goods NSW VIC QLD SA WA TAS NT AUST
Three months to March 2016 ($ million) 8363 5496 10,748 2676 23,220 763 1014 56,501
Annual change to March 2016, $ million (%) -818 (-8.9) -110 (-2.0) -437 (-3.9) -223 (-7.7) -4458 (-16.1) 101 (15.3) -395 (-28.0) -5901 (-9.5)
Change in the month to March 2016, $ million (%) -283 (-3.3) -31 (-0.6) -362 (-3.3) -195 (-6.8) 1024 (4.6) -18 (-2.3) -32 (-3.1) 136 (0.2)

Australia's exports of goods and services

This chart shows goods and services exports in billions of dollars in Australia between March 2006 and March 2016. Australia's service exports have experienced an upwards growth trend between March 2006 and March 2016, with the value of exported services growing by 78.5 per cent during this period. Australia exported $3.5 billion of services in the month to March 2006. The value of service exports then grew by 26.5 per cent between March 2006 and January 2009. Australia exported $ 4.4 billion of services in the month to January 2009. Between January 2009 and July 2012 the value of service exports declined by 2.9%, with $4.3 billion of services being exported in July 2012. Between July 2012 and March 2016 the value of service exports has increased by 45.3 per cent, to $6.2 billion in the month to March 2016. Australia's goods exports have experienced an upwards growth trend between March 2006 and March 2016, with the value of exported goods growing by 56.0 per cent during this period. Australian goods exports have experienced significantly more volatility than service exports between March 2006 and March 2016. Australia exported $13.0 billion of goods in March 2006, the value of goods exports then rose by 77.8 per cent to $23.2 billion on the month to October 2008. The value of goods exports then trended downwards, declining by 36.8 per cent to a low of $14.6 billion in August 2009. Between August 2009 and February 2014 the value of goods export trended upwards, increasing by 66.9 per cent to a high of $24.4 billion in February 2014. Since February 2014 the value of goods exports has trended downwards, declining by 16.8 per cent to $20.3 billion in March 2016.

Rural

Rural exports included $3321 million worth of goods, which represents a -2.5 per cent change in growth in the month to March 2016.

Rural exports which had the largest change in growth

Export Percentage change (%) Nominal change ($ million)
Meat -0.7 -7.0
Other rural -2.7 -43.0
Cereal -6.2 -36.0

Non rural

Non rural exports included $15,119 million worth of goods, which represents a 2.4 per cent change in growth in the month to March 2016.

Non rural exports which had the largest change in growth

Export Percentage change (%) Nominal change ($ million)
Metal ores and minerals 7.6 409.0
Coal, coke and briquettes 2.9 77.0
Other mineral fuels 2.3 45.0

Services

Service exports included $6261 million worth of goods, which represents a 2.5 per cent change in growth in the month to March 2016.

Service exports which had the largest change in growth

Export Percentage change (%) Nominal change ($ million)
Travel 3.7 135.0
Passenger transport 2.0 5.0
Other services 0.9 17.0


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

Note: The ABS publishes monthly state data on exports of goods but does not publish seasonally adjusted estimate. Annual services data by state, by country and detailed services are released twice yearly and are next available on 23rd of May.

Contact

Please email economic.analysis@ecodev.vic.gov.au for more information
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Page last updated: 23 September 2016