Territory Stories

Budget Paper 1994-95 No.6 Northern Territory Economy

Details:

Title

Budget Paper 1994-95 No.6 Northern Territory Economy

Other title

Tabled Paper 2156

Collection

Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT

Date

1994-05-12

Description

Tabled by Barry Coulter

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2021C00044

Parent handle

https://hdl.handle.net/10070/292876

Citation address

https://hdl.handle.net/10070/398240

Page content

International Trade Exports The mining sector produces the vast majority o f Territory exports, with oil, alumina, bauxite, manganese, and uranium accounting for over 90% of merchandise exports. Treasury estimates exports in 1993/94 will total $1.4 billion (up 10% on 1992/93), with exports o f commodities and mineral fuels o f $1.3 billion. Higher exports o f manganese, bauxite, and uranium, contributed the most to the increase, offsetting a decline in exports o f oil due to low production and weaker prices. In addition to merchandise exports, exports o f services, particularly education, tourism, and international shipping, contributed to the Territorys trade performance. Education is classified as a service export as overseas fee-paying students attending Territory academic institutions provide a source o f foreign revenue to those institutions, particularly the Northern Territory University. Territory tourism exports include international air and sea travel to and from the Territory on Australian carriers as well as the provision o f accommodation and other services to international tourists. This was estimated to amount to $184 million in 1992/93. Similarly, international shipping exports generate revenue earned by Territory enterprises for transporting international freight to and from the Territory. Insurance services associated with both tourism and shipping also generate service export revenue. Total merchandise exports for Australia during 1993 increased 7.6% to $62.8 billion. Imports grew at a faster rate o f 12.4% to $62.4 billion, narrowing the merchandise trade surplus from $2.9 billion in 1992 to $362 million. The mining industry is characterised by a high degree o f vertical integration which results in commodity exports being shipped to established secondary and tertiary processing enterprises overseas. The destination o f Territory exports is influenced heavily by these close linkages and changes little from year to year. Principal destinations o f Territory exports for 1992/93, in order o f total exported value, were Japan, Indonesia, USA, Norway, Thailand, Taiwan, Netherlands, and Singapore. Exports o f primary produce to the countries o f South East Asia have been steadily rising and can be expected to continue to increase in line with growth in Territory rural and fishing industries. 3 2