Territory Stories

Budget Paper No.6 1997/98 Northern Territory Economy

Details:

Title

Budget Paper No.6 1997/98 Northern Territory Economy

Other title

Tabled Paper 3223

Collection

Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT

Date

1997-04-30

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/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/289257

Citation address

https://hdl.handle.net/10070/404114

Page content

larger than Australia. In 1986 China was about the same size as Australia but by 1996 it was double the size. All other East Asian economies were smaller than Australia in 1986 with South Korea the only economy to overtake Australia by 1996. Trade The East Asia region accounts for a large and increasing proportion of Australias exports. In 1996 Australia exported $A 44.8 billion to the region, accounting for 58% of Australias total exports. While Australian exports to East Asia have grown dramatically in recent years there is evidence that Australias share of this trade is diminishing and that Australia is losing ground to Europe and North America as a source of goods for East Asia. Japan is Australias largest export market in the region (and the world) accounting for 20.1% of total exports. The next largest market is South Korea with 9.5% of exports while the combined countries of ASEAN account for 15%. Australia enjoys a significant trade surplus with East Asia with imports from East Asia in 1996 Table 4.2 Regional GDP, Trade and Prices - 1996 Real GDP Trade Prices Total Annual Per Capita Exports Imports Change $US bn % Change $US $US bn $US bn % Japan 5 285 3.4 42 215 411 311 0.1 China 738 9.7 615 151 139 8.3 Three Dragons 911 6.1 12 570 426 442 4.6 Hong Kong 150 4.5 23 762 181 199 6.0 South Korea 486 6.8 10 834 129 144 5.0 Taiwan 275 5.6 12 919 116 99 3.1 ASEAN 666 7.1 1 583 334 342 5.9 Brunei 6 2.0 20 000 2 3 3.2 Indonesia 213 7.7 1 101 51 44 8.0 Malaysia 92 8.2 4 594 77 75 3.5 Philippines 74 5.5 1 054 21 19 8.5 Singapore 84 7.0 27 998 123 125 1.4 Thailand 178 6.6 2 997 55 73 5.8 Vietnam 19 9.3 251 5 4 7.1 Australia 362 4.2 20 354 57 62 1.5 Northern Territory 4 2.7 21 213 1.0 0.3 2.1 Source: ABS Cat. No. 5242.0, Asia Pacific Consensus Forecasts, Asiaweek Regional Economic Environment 24