Services exports on the rise with SME export growth likely

Efic’s latest edition of Export Monitor examines Australia’s SME exporter landscape with services exports increasing and exporter sentiment indicating further exporter growth is likely.

According to Efic’s Senior Economist Ms Cassandra Winzenried, the number of Australian exporters jumped 9% to 51,000 from 2014 to 2015, coinciding with improved exporter sentiment.

“The increase in the number of exporters was driven by small businesses exporting less than $100,000. This sector grew by over 2800, about 9%,” said Winzenried.

Winzenried also comments that according to exporter sentiment the number of Australian exporters is likely to grow, “if we look at Deloitte’s recent CFO sentiment survey, about 40% of CFOs feel more confident now than three months ago. The lift in overall confidence comes despite uncertainty from Brexit and warnings on Australia’s triple-A credit rating.”

Growth of services exports continues to outperform, benefiting from a more diverse market profile that is geared toward advanced economies. “Over the year to June, services exports increased 7% while goods exports fell 2%,” said Winzenried.

This growth is driven by a strong rise in education and tourism exports, which accounted for 60% of Australia’s exports last year.

“We also saw double-digit growth in financial services, IT and communications and intellectual property sales exports last year,” Winzenried says.

To read the full transcript of the Export Monitor go to:

www.efic.gov.au/education-and-tools/export-monitor-september-2016/

Inside Small Business

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