TRADE Minister Simon Birmingham has launched the Export Council of Australia’s 2019 Australian International Business Survey.
Run by the ECA in together with Austrade and the Commonwealth Bank of Australia, the AIBS is the biggest survey of its kind.
It shows despite “a turbulent year”, Australian businesses remain largely optimistic about their international trade. It shows despite the tensions, the US and China remain the most important market for SMEs.
It also shows the link between innovation and export, and has a focus on Australian companies in India.
The report notes that Australian exports totalled $469.9bn in 2018–19, growing 16.5% in the last 12 months. Natural gas (61.7% growth) and crude petroleum (29.4%) exhibited the strongest growth among leading goods exports.
Services exports grew at a rate of 10%, with international visitor spend growing at 5% and international education at 15.5%. “This is encouraging news in the face of a challenging global trading environment,” the ECA stated.