Budget Paper No.6 1997/98 Northern Territory Economy
Tabled Paper 3223
Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT
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International Trade The Territory continues to be a substantial net exporter with an estimated merchandise trade surplus of $841 million in 1996-97 or 15% of GSP. Australia by contrast has an estimated trade deficit of $2.1 billion or 0.4% of GDP. It is estimated that, for the Territory, imports as a percentage of exports increased marginally from 32.6% to 32.7% between 1995-96 and 1996-97, the result of a 3.2% increase in exports being slightly offset by a 3.5% increase in imports during this period. Due to coverage and timing factors, trade figures used in this chapter differ slightly from those in Chapter 2. While Territory exports as a percentage of Australian exports remained stable at 1.6% in 1996-97, exports per capita at $6 909 were over 60% greater than the national average of $4 175. The growth in exports in 1996-97 continues the increase recorded last year after declines in exports (primarily oil) had been recorded over the four years to 1994-95. The largest contributors to this growth were increases in commodity exports, as well as oil and live cattle. Territory imports of iron, steel and manufactured metals were primarily responsible for the recorded increase in 0 500 1 000 1 500 2 000 1990-91 1991-92 1992-93 1993-94 1994-95 1995-96 1996-97* International Trade Exports Imports Source: ABS Foreign Trade Statistics * NT Treasury estimate $ million Figure 3.1 15