Australia's exports reach record high

Australia's exports reached a record high of 176.7 billion Australian dollars (132.5 billion U.S. dollars) last year, 15 percent higher than in 2004, Deputy Prime Minister and Minister for Trade, Mark Vaile, said on Friday.

The annual trade deficit declined by 6.2 billion dollars (4.65 billion U.S. dollars) in 2005 to 19.4 billion dollars (14.55 billion U.S. dollars).

Australia's resources exports rose 47 percent in 2005, to 58.4 billion dollars (43.8 billion U.S. dollars), the highest annual level on record.

Exports of coal rose 62 percent, metal ores and minerals rose 43 percent and other mineral fuels 32 percent, Vaile said in a statement.

The country's services exports increased to a record of 37.1 billion dollars (27.8 billion U.S. dollars) in 2005, boosted by a 5 percent rise in travel services exports.

Australia's manufacturing exports also grew solidly in 2005, rising 9 percent on 2004, to 37 billion dollars (27.7 billion U.S. dollars). Transport equipment exports grew by 12 percent, metals exports by 10 percent, and machinery exports by 8 percent, he said.

Merchandise exports to North Asia grew by 29 percent in 2005. Strong growth was recorded in exports to China which rose 46 percent, making China Australia's second largest merchandise export market.

Exports to ASEAN rose 16 percent with strong growth to Thailand (up 35 percent) and Singapore (up 23 percent). Strong growth was also recorded in exports to India, which rose 28 percent, Vail said.

Source: Xinhua