Territory Stories

Driving international engagement and economic opportunities for the Territory

Details:

Title

Driving international engagement and economic opportunities for the Territory

Member

Manison, Nicole Susan

Political affiliation

Australian Labor Party

Collection

Media Releases for 14th Assembly 2020 -; Media Releases; ParliamentNT

Date

2022-03-28

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT)

Language

English

Subject

Economic development; International commerce

Publisher name

Northern Territory Government

File type

application/pdf

Use

Issued as a Media Release

Copyright owner

Northern Territory Government

Parent handle

https://hdl.handle.net/10070/860162

Citation address

https://hdl.handle.net/10070/860164

Related items

https://hdl.handle.net/10070/860163

Page content

The Territory will achieve this by: Seeking diverse and ambitious partnerships to capitalise on market trends Diversifying and creating added value to the goods and services exported from the Territory Strengthening participation of regional areas in international markets Leveraging the Territorys geographic advantage to rebuild international trade (exports and imports) with the region. How we will know we have succeeded: Cumulative goods exports 15 per cent higher than current baseline forecast by 2026 Services exports rebound to $800 million by 2026 Increased international trade (exports and imports) through the Territory 20 new industry-led partnerships that foster trade in new and diversified products and services. INTERNATIONAL TRADE IS A KEY DRIVER OF THE TERRITORYS ECONOMY International trade creates jobs, with one in five Australian jobs relying on trade including one in four in regional Australia. Exports are a major contributor to the Territorys economy and Gross State Product (GSP). The Territory has consistently made outsized contributions to Australias liquefied natural gas (LNG), mining, and live cattle exports. This is intrinsically linked to the development of major projects and investments in the Territory. In many cases the viability of these projects has been contingent on the opportunity to secure offtake agreements for export. The Territorys trade partners have remained largely consistent over decades, with a key focus on our neighbours in the Indo-Pacific region. The top destinations for Territory goods over the past five years include Japan, China, Taiwan, Indonesia, South Korea, Thailand, and Singapore. Our top exports over the last five years include energy products, mineral ores and concentrates, live animals, aluminium ores and concentrates. As measured by revenue received, nearly all the Territorys export revenue comes from three major product groups energy products, minerals and related products, and live cattle. Exports from the INPEX-led Ichthys LNG project alone accounted for 12 per cent of Australias oil and gas exports in 2020. The project will also support approximately 2,000 full-time equivalent jobs up to 2030. Territory export products, services and markets are grown and diversified for resilience and job-creation INTERNATIONAL ENGAGEMENT STRATEGY 20


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