Budget 2013/14 Northern Territory Economy
Tabled paper 295
Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT
Tabled by David Tollner
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Department of the Treasury and Finance
International Trade 89 Northern Territory Economy International Trade The Northern Territorys international trade is dominated by output from the mining and manufacturing industries, which in 201213 are estimated to account for 76percent of goods exports and 80percent of goods imports. Liquefied natural gas (LNG), a manufactured product, is the Territorys largest export followed by outputs from the mining industry such as manganese, alumina, bauxite, zinc/lead concentrate and iron ore. Feedstock gas for the ConocoPhillips Darwin LNG plant, petroleum products (petrol, diesel and aviation fuel) and machinery and equipment are estimated to account for the majority of the Territorys imports in 201213. In 201213, the Territorys inflationadjusted trade surplus is estimated to have decreased by 22.6percent to $1.4billion. The decline reflects a 17.9percent increase in exports more than offset by a 36percent increase in imports, primarily due to the arrival of the MontaraVenture floating production, storage and offloading facility used to service the Montara oilfields. In 201314, the Territorys trade surplus is expected to increase by 89.2percent to $2.7 billion, largely due to a full year of oil production from the Montara oilfields as well as expanded output from the McArthurRiver and Groote Eylandt Mining Company mines, more than offsetting imports. The Territorys trade surplus is expected to narrow substantially in 201415 as the majority of preassembled modules (PAMs) for the INPEX and Total joint venture Ichthys project are imported to the Territory. The trade surplus is expected to begin widening in 201516 as the value of imported PAMs decreases as the construction phase of the Ichthys project is completed. Commencement of LNG exports will lead to a substantial widening in the Territorys international tradesurplus. 201213e 201314f 201415f 201516f 201617f $M % $M % $M % $M % $M % Exports1 6 936 17.9 8 220 18.5 8 039 2.2 8 372 4.1 15 212 81.7 Goods 6 151 20.6 7409 20.5 7 223 2.5 7 549 4.5 14 394 90.4 Services 786 0.2 811 3.2 817 0.7 823 0.7 818 0.6 Imports1 5 529 36.0 5 558 0.5 7 454 34.1 5 320 28.6 4 134 22.3 Goods 4 999 41.2 4 986 0.2 6853 37.4 4 689 31.6 3 510 25.2 Services 531 1.1 572 7.8 601 5.0 632 5.1 625 1.0 Trade balance1 1 407 22.6 2 662 89.2 586 78.0 3 052 420.7 11 077 263.0 e: estimate; f: forecast 1 Inflation adjusted, base year 201011 Source: Department of Treasury and Finance; ABS Cat. No. 5368.0 Chapter 8 Key points
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