CANBERRA, Aug. 4 (Xinhua) -- Strong growth in the export of goods and services has resulted in a 49.1 billion Australian dollars (39.1 billion U.S. dollars) turnaround in the value of trade exports in 2016-17, the nation's trade minister announced on Friday.
In an official media release, Trade Minister Steven Ciobo said Australia's export market experienced a 12.4 billion Australian dollar (9.88 billion U.S. dollar) surplus for 2016-17, up from a deficit of 36.7 billion Australian dollars (29.2 billion U.S. dollars) in 2015-16.
"The result reflects the Turnbull government's commitment to free trade, which continues to underpin Australia's enviable economic prosperity and high standard of living," Ciobo said.
"The increase in the exports of goods in 2016-17 was primarily driven by resources, including coal -- up 19.7 billion Australian dollars (15.7 billion U.S. dollars) or 57.1 percent, metal ores and minerals -- up 16.2 billion Australian dollars (12.9 billion U.S. dollars) or 23.4 percent, and oil and gas -- up 6.1 billion Australian dollars (4.9 billion U.S. dollars) or 26.7 percent."
"Exports of rural goods also rose firmly -- up 3.4 billion Australian dollars (2.71 billion U.S. dollars) or 7.9 percent."
Ciobo added that it was not just an increase in the exports of goods such as minerals which was driving Australia's export growth, as services (including tourism and education) were also contributing heavily to the 9.88 billion U.S. dollars surplus.
"Given Australia's pre-eminent reputation as a destination for international tourists and students, services exports continued to rise steadily through 2016-17, increasing by 5.3 billion Australian dollars (4.22 billion U.S. dollars) or 7.8 percent for the year," he said.
The minister concluded by praising the success of free trade agreements (FTA) with major Asian nations including China as being a major factor in the strong export results.
"China, Japan and South Korea all remained major export destinations for Australian goods and services in 2016-17. The free trade agreements the Coalition delivered with these three countries will continue to deliver tangible benefits for Australians for many years to come," Ciobo said in the media release.
