Budget 2013/14 Northern Territory Economy
Tabled paper 295
Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT
Tabled by David Tollner
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.
Department of the Treasury and Finance
90 International Trade 2013-14 Budget Background International trade is an integral part of the Territorys economy, contributing to demand and creating employment across a range of industries including mining, manufacturing, rural industries and tourism. As a consequence, the Territorys economy is vulnerable to changes in the economic performance of its major trading partners and the global economy generally. International merchandise trade statistics are compiled by the AustralianBureau of Statistics (ABS) from information submitted by exporters and importers, or agents, to the Australian Customs and Border Protection Service (Customs and Border Protection). The ABS sources data on service exports and imports from the ABS Survey of International Trade in Services and a range of administrative data and indicator series. The ABS reports international goods and services trade data for the Territory in nominal terms. However, as nominal values include the impact of price change this chapter focuses on international trade measured in inflationadjusted terms, holding constant the effects of price over time. ABS reported international merchandise trade data for the Territory includes a significant proportion of confidentialised commodities. In 201112, 17.1percent of the Territorys goods exports and 14.1percent of the Territorys goods imports were classified by the ABS as confidential. The ABS classifies items as confidential where the producers privacy may be risked by publication. For example, where there is only one producer of a particular commodity in a jurisdiction, reporting trade statistics for this good or service would unfairly identify the sole operator in a way that does not occur when there are multiple producers. In 201112, the Territorys international trade was primarily driven by the output from the mining and manufacturing industries, which accounted for 76percent of goods exports and 80percent of goods imports. Changes in net exports (exports less imports) can have a significant impact on the economic growth rates of the Territory and Australian economy. For example, in 201112, the Territorys inflationadjusted trade surplus declined by 14.5percent to $1.8 billion, which subtracted 1.8percentage points from economic growth in the year. Nationally, net exports declined by 12.7percent in 201112 and subtracted 0.2percentage points from economic growth (Table 8.1).