Budget Paper No.6 1997/98 Northern Territory Economy
Tabled Paper 3223
Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT
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.
Russian Federation. This increase in demand by European nations for mineral commodities mined in the Territory is expected to be maintained over coming years, as export contracts are generally signed guaranteeing supply over a number of years and economic growth in Europe is forecast to increase. In addition to merchandise exports, exports of services, particularly education and tourism contributed to the Territorys trade performance. The Northern Territory University generated $1.5 million from fee-paying overseas students in 1996. It is estimated that international travellers spent $199 million in the Territory during 1995-96 (excluding international air and sea travel to and from the Territory), representing 30% of all tourism expenditure over this period. Other substantial contributors to the Territorys service exports include international shipping services and insurance services assoiciated with tourism and shipping. Imports The Territorys imports of merchandise goods is expected to increase to $408.4 million in 1996-97, a 3.5% rise on 1995-96. Figure 3.2 provides a breakdown of imports by commodity group. While Territory imports have previously been dominated by machinery and transport equipment, in 1996-97 commodity imports are estimated to be $154 million, equivalent to 38% of total imports and an increase over the previous yearss proportion of 27%. Machinery and transport equipment now accounts for 35% of Territory imports, decreasing from 46% in 1995-96. Also contributing to the growth in Territory imports were iron, steel and manufactured metals, reflected in the increase in manufactured goods from 14% to 16% of total imports. Due to confidentiality reasons some mineral fuels imports are separately identified while others are not. Imports of identified mineral fuels (primarily from Singapore) continued to decline in 1996-97, accounting for only 7% of total imports. The Territorys commodity imports are principally sourced from the Middle East countries of Kuwait and Saudi Arabia, as well as from Japan and the United States. The majority of imported machinery and transport equipment comes from Japan, Europe and North America, while the principal sources of imports of iron and steel and manufactured metals are Japan, United States, Singapore, Germany and Italy. These sources for imports to the Territory are shown in Figure 3.3. International Trade Outlook The Territory will continue to be a net exporter with Territory mining production expected to grow as world demand for mineral commodities and energy resources increases in the medium International Trade 18