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Hint of a recovery

LATEST trade figures show further signs of recovery in the global economy and a rebound in rural and services exports.

The September 2003 International Trade in Goods and Services data also showed positive indications for growth in export volumes in 2003-04, particularly in manufacturing and resources exports, according to Federal Trade Minister Mark Vaile.

The September 2003 balance on goods and services was a deficit of $2.3 billion in seasonally adjusted terms, a $310 million increase on the deficit recorded in August 2003.

In the month of September 2003, total goods and services exports increased by $74 million to $11.6 billion in seasonally adjusted terms.

While the economy was still feeling the effects of the drought, it was pleasing to see a welcome rebound in rural exports in the month of September compared with August, Mr Vaile said.

Rural exports increased by $188 million in seasonally adjusted terms in September 2003. In original terms wool and sheepskin exports rose by $76 million, meat exports increased $51 million and exports of cereal grains rose $18 million.

Services exports increased by 5 per cent in September from August, which mainly reflects a sharp rebound in tourist arrivals, which have been steadily increasing since May 2003.

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