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Budget 2007-2008 Northern Territory Economic Overview



Budget 2007-2008 Northern Territory Economic Overview

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Tabled paper 865


Tabled papers for 10th Assembly 2005 - 2008; Tabled Papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT; Tabled Papers




Tabled By Sydney Stirling


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.




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7Economy Overview International Trade In 2006-07, the Northern Territorys international trade surplus (that is, exports of goods and services less imports of goods and services) increased to an estimated $2.6 billion, up from the $179 million surplus in 2005-06. The Territorys international merchandise trade balance increased to an estimated $2.1 billion in 2006-07, up from the $230 million deficit in 2005-06. Mineral ores, mineral fuels and services related to international visitors (tourists and foreign defence personnel) dominate international exports in the Territory. In 2006-07, merchandise exports increased by 71 per cent to an estimated $4.5 billion, largely due to increased global commodity demand and prices. Merchandise exports are forecast to increase to an estimated $4.7 billion in 2007-08, supported by a second full year of LNG production, manganese from Bootu Creek mine and alumina from Alcans Gove refinery. The major Territory imports are machinery and equipment (mostly industrial equipment for mining and construction activities) and refined fuels. In 2006-07, imports decreased by an estimated 16 per cent to $2.4 billion, and are forecast to decline by a further 14 per cent to $2.1 billion in 2007-08. The decline is primarily due to lower demand for machinery and transport equipment (particularly for major oil and gas projects), and a reduction in national aircraft imports via Darwin. -1 0 1 2 3 4 5 6 98 99 00 01 02 03 04 05 06 07e 08f Exports Imports Trade balance Year ended June $BTerritory International Merchandise Trade (moving annual total) e: estimate; f: forecast Source: Northern Territory Treasury, ABS data service 5432.0.65.001