The State Government’s export strategy is paying dividends, a leading economic report says.
Despite falling prices in some sectors, a strong rise in volumes contributed to an almost $600 million boost in exports, the South Australian Centre for Economic Studies June 2016 report shows.
Investment and Trade Minister Martin Hamilton-Smith says the report is a strong endorsement of export strategies that have targeted key markets in China, India and South East Asia.
The report, released today, shows a solid improvement in export volumes in the year to the March quarter 2016, reflected rises in exports of goods up 15 per cent, or $443 million and services up 26 per cent, or $151 million.
There have been large rises in exports of meat, vegetables and fruit, and cereals over the past year.
In the services sector, a solid increase was shown in international education related travel.
The South Australian Centre for Economic Studies publishes Economic Briefing Reports on current and prospective economic conditions twice per year. The reports focus on the South Australian economy but also consider Australian and international trends for context. Forecasts of key economic variables for the South Australian and national economies are provided for the current and next financial years.
Quotes attributable to Minister Hamilton-Smith
Exports will continue to support our key growth sectors, leading to economic prosperity and job creation.
These latest SACES results show our export strategies, including trade missions are effective and important and that we will continue to encourage companies to consider new markets.
Continual growth in trade and exports is a sure pathway to a strong economy and jobs, indeed the export sector currently supports more than 65,000 South Australian jobs.
These latest results reinforce the government’s strategic focus on and commitment to grow the state’s premium food and wine, agriculture and advanced manufacturing sectors.