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Service exports up

AUSTRALIA’S services exports increased by 8 per cent in 2006 to $43.9 billion on the back of strong growth in business services exports, according to Department of Foreign Affairs and Trade. Launched last week, DFAT’s Trade in Services Australia 2006 report showed business services exports recorded unprecedented growth, particularly in the US and Singapore, where Australia has free trade agreements. Exports of engineering services were up 41 per cent to $1 billion, while business and management consultancy and public relations services increased by 67 per cent to $236 million. Agricultural and mining services were up by 61 per cent, while accounting services grew by 59 per cent. Personal travel services (valued at $11 billion) and education services (valued at $10.7 billion) now rank in Australia’s top 10 exports overall. Travel services account for just over half of Australia’s total services export value. The US remained the largest destination for services exports, while exports to China, New Zealand, Singapore and India increased over the year.

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