Menu
Menu
Economy hit by export shortfall in March

Economy hit by export shortfall in March

March-quarter exports were severely impacted by the floods and cyclones at the turn of the year, according to ABS data.

Export volumes fell 8.7% in the March quarter to be 3.5% lower throughout the year, in what Treasurer Wayne Swan called the biggest quarterly fall in 37 years.

In a statement, Swan said the decline was driven by a 13.6% decline in non-rural commodity exports.

Import volumes also grew 1.3% sequentially and were 9% higher throughout the year.

Partly as a result of the export slump, the current account deficit grew by a seasonally adjusted $2.35 billion in the March quarter to reach $10.45 billion.

Australia's net foreign debt liability position also grew $29.8 billion to $677.3 billion.

But Swan expressed confidence in the underlying economy.

“Despite the heavy toll in the near term from natural disasters, the fundamentals of our economy are strong and our medium-term growth prospects remain bright,” he said.

“We have low unemployment, strong job creation, record terms of trade and an unprecedented investment pipeline gathering steam.”

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Error: Please check your email address.

Tags exportsABSdebtQueensland floodsAustralian economyWayne Swan

Show Comments
Computerworld
ARN
Techworld
CMO