Australia sends US service

THE US took the lion’s share (15 per cent) of Australia’s service exports worth $3.9 billion in 1997-98, according to Australian Bureau of Statistics’ figures.

Service exports to the US were up $835 million on the previous year, with increases across all major commodities.

The US regains the top market ranking it last held in 1987-88, taking over from Japan which has been the largest destination for Australia’s trade in services for the past nine years.

Japan comes in at number two taking $3.1 billion or 12 per cent of total service exports and the UK is the third largest market taking 9 per cent or $2.3 billion.

Australia’s largest current account surpluses were recorded with Japan ($4.5 billion), the Republic of Korea ($3 billion) and Hong Kong ($2.9 billion).

Australia’s largest deficits were recorded with the US ($17.2 billion), the UK ($8.5 billion) and Germany ($4.3 billion).