WESTERN Australia’s exports are holding up against a rising Australian dollar, according to the latest data.
The data showed that WA’s trade surplus narrowed over the December quarter 2003, with a trade surplus of $5,051 million recorded, down by $506 million, or 1.6 per cent, relative to the same period a year earlier. The decline in exports more than offset a contraction on imports.
Released by the WA Department of Treasury and Finance, the figures show exports from WA fell a modest 2.6 per cent in the December quarter 2003 relative to the December quarter 2002, which compares with a more substantial 12.6 per cent decline recorded nationally.
The resilience of the State’s exports can be attributed in part to a “a broad-based increase in $US commodity prices and solid grain export volumes’.
Future economic growth in WA will be underpinned by recovery from the 2002 drought and enhanced production capacity as new resource projects come on-line.
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