Local exports moving in the right direction

Figures released today by the Australian Bureau of Statistics (ABS) reveal an increase in local export figures, according to the State’s leading business membership organisation, Business SA.

International trade figures indicate local exports increased, while imports decreased for South Australia in May.

Nationally, the balance of goods and services for May was a surplus of $1.65 billion (seasonally adjusted), from a revised $1.12 billion surplus in April.

South Australian exports increased above the national trend with a 20 per cent increase in exports for the month.

Business SA Chief Executive Officer, Peter Vaughan, said that the continued rise in local exports was welcome news.

“It is pleasing that the increase in local exports in May was significantly higher than the national average,” Mr Vaughan said.

“The local export community has faced many challenges in recent times and this is the fourth consecutive rise in exports.

“The increase in national exports was widespread, with substantial increases in non-monetary gold, coal, metal ores and cereals.

“China was South Australia’s largest trading partner for the month, both for exports and imports.

“Many of our trade partners remain under pressure and the export community has felt the strain from previous premature interest rate rises and until recently a higher Australian dollar.

“Exporters are a very important part of the local economy and we urge the Reserve Bank to keep interest rates on hold and ease some of pressures being faced by the local export community.”