Territory Stories

Budget 2013/14 Northern Territory Economy



Budget 2013/14 Northern Territory Economy

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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.




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Department of the Treasury and Finance

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International Trade 95 Northern Territory Economy In nominal terms, these countries are estimated to account for more than 82.8percent of imports in 201213, with a combined value of $4.6billion. Source: Department of Treasury and Finance; ABS Cat. No. 5368.0 Service Imports Service imports in the Territory are primarily driven by demand for overseas travel by Territorians and transportation services (shipment and freight services provided by foreign operators). The value of service imports to the Territory is estimated to increase from $525million in 201112 to $531million in 201213 (up by 1.1percent). Growth is forecast to strengthen to an estimated 6.7 per cent mainly due to an increase in travel services imports in 201213 reflecting favourable travel conditions as a result of the strong Australian dollar and heavy discounting in overseas travel markets especially in the euroarea countries that are experiencing declining or weak economic growth (see Chapter 3: External Economic Environment). Combined, these two factors have made it more affordable for Territorians and Australians to travel overseas. Trade Balance The trade balance, also known as net exports, is the difference between exports and imports over a given period of time. When the value of exports exceeds the value of imports it is referred to as a trade surplus. A trade deficit is defined by value of imports exceeding the value of exports. Chart 8.4: Territory Merchandise Imports by Country of Origin, 201112 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 China Germany International waters Japan Korea, Republic of Kuwait Netherlands Singapore Thailand United States of America Other countries Food and live animals Petroleum and gas Machinery and transport equipment Other items Confidentialised items $ billion