Victoria’s Goods Exports Up By 12.6 % Year To December Quarter 2017

Victoria’s Goods Exports Up By 12.6 % Year To December Quarter 2017

Victoria Treasurer Tim Pallas

Victoria Number One In Exports And Retail Trade

Victor P Taffa

Victoria is leading the nation in retail trade and goods exports boosting local jobs, businesses and economic growth.

New data released today by the Australian Bureau of Statistics (ABS) shows Victoria’s goods exports recorded the highest growth among the mainland states, increasing by 12.6 % in the year to the December quarter 2017.

“These outstanding figures are just more evidence of how strong our economy is boosting business and creating local jobs.” Treasurer Tim Pallas said.

“We’re bucking the national trend with retail trade and exports jumping more than 12 % in Victoria last year while they went backwards on a national level.”

By contrast, the national average saw a decline of 1.9 %.

Victoria’s exports increased by $761 Million over the year to the December quarter the largest increase among all states and territories and testament to the strong economy that has created more than 300,000 jobs.

Victoria was 1 of just 2 states to record positive exports growth throughout the year, largely driven by strong demand from Victoria’s number one trading partner China.

This accounted for 26.2 % of exports in the December 2017 quarter alone. Importantly, exports to China increased by 45.2 % over the year to the December 2017 quarter.

At the same time, the value of Victoria’s retail trade grew 4.5 % over the year the highest of all states and well above the national average of 2.5 %.

This equates to a total retail turnover value over the year to December 2017 of $79.2 Billion or 25.4 % more than a quarter of the national total turnover.

Key drivers of Victoria’s strong annual retail growth include pharmaceutical and recreational goods; cafes, restaurants, and takeaway food; and household goods retailing.