The modest improvement seen in merchandise exports in February has continued to strengthen in March, with the value of South Australia’s overseas goods exports up 18 per cent compared to March 2016. However, due to the significant falls in exports in the middle of last year, overseas goods exports in the 12 months to March are down slightly on the previous year (-6.2 per cent), at $10.9 billion compared to $11.6 billion. In contrast, the value of national overseas goods exports rose by 13 per cent between the same periods to be $274 billion.
The fall in the value of South Australian goods exports for the last year is largely due to a drop off in exports to the State’s second largest destination – the US. Goods exported to the US fell by 24 percent ($0.4 billion), accounting for more than half of the 6.2 per cent decline in total South Australian merchandise exports. This appears to be the consequence of lower exports of ‘meat and meat preparations’, ‘road vehicles’ and ‘other confidentialised items’.
Value of Overseas Merchandise Exports – Australia & South Australia
$ Billion, Moving Annual Totals (a)
Source: Australian Bureau of Statistics, International Trade in Goods and Services: www.abs.gov.au
On a more positive note, the value of exports to South Australia’s other major destinations have shown some recent improvement. These destinations include:
- China ($2.2 billion in the year to March 2017, up 1.4 per cent on the previous year);
- Malaysia ($0.7 billion, up 20 per cent);
- India ($0.7 billion, up 23 per cent); and
- Japan ($0.6 billion, up 29 per cent).
South Australia’s Top 5 Destinations – Value of Overseas Merchandise Exports
$ Billion, Moving Annual Totals (a)
Source: Australian Bureau of Statistics, International Trade in Goods and Services: www.abs.gov.au
Note: (a) Values are reported in annual totals (the sum over 12 months).