Budget Paper 1994-95 No.6 Northern Territory Economy
Tabled Paper 2156
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
Tabled by Barry Coulter
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.
International Trade Imports Territory imports are dominated by m achinery/transport equipment and mineral fuels. Often imports are en route to destinations outside the Territory (for example, aircraft imported by Australian carriers) and have little to do with the local economy. Total merchandise imports for 1993/94 are estimated to have declined 1.3% to $269 million. The most significant decreases occurred in the mineral fuels, lubricants and related materials, and miscellaneous manufactured articles categories. The Territory received most o f its imports from, in order o f total value imported, the USA, Japan, Kuwait, Singapore and Saudi Arabia. National data show imports increased by 11.7% in 1992 and a further 12.4% in 1993. The rate o f import growth being 3.1% and 4.9%, respectively, above the rate o f growth in exports. International Trade Outlook At the national level, Australian industry has become increasingly internationally competitive. A ustralias trade performance is closely tied to developments in international markets and major world economies. Over recent years there has been a shift in emphasis away from our traditional trading partners and towards greater links with our near neighbours in the developing Asian econom ies. This shift should continue with increased em phasis at the Federal Government level on promoting trade in these areas. The Commonwealth Government announced in its 1993/94 Budget that it would jointly establish with the Northern Territory Government a committee to consider strategies ...to develop the potential o f Darwin as Australias northern link to East Asia. In response, the Darwin Com m ittee was established to explore the various proposals and options presented to it to achieve this objective. In addition to the developing national awareness o f the potential benefits o f Darwins close proximity to the rapidly developing markets o f South East Asia, the local private sector independently and in conjunction with the Territory G overnm ent, and through such organisations as the Northern Territory Chamber o f Commerce, is strengthening regional links with our northern neighbours. The combined private and public efforts are expanding the degree o f contact between businesses in the Territory and South East Asia, thereby, increasing the opportunities for closer trade links. Consequently growth in exports, particularly prim ary produce, to South East Asian markets is likely to remain buoyant, continuing the growth o f the past year.