NSW has cemented its place as Australia’s leading exporter of services recording over half of Australia’s growth according to the latest Australian Bureau of Statistics (ABS) figures.
Minister for Trade, Tourism and Major Events Stuart Ayres said the boom in services exports showed again NSW is setting the standard for the rest of the nation.
“We’ve seen a $3.2 billion growth in 2015 alone, which has contributed to over half of total Australian growth,” Mr Ayres said.
“Growth at 13 per cent shows NSW is outstripping the national rate of 10 per cent and states like Victoria and Queensland.”
Mr Ayres said the ABS figures also illustrate global demand for NSW’s expertise in telecommunication, computer and information (ICT) services, financial and other professional services.
“ICT and financial services exports were some of our fastest growing sectors. Financial services exports grew by 28 per cent to $2.9 billion, while our ICT exports grew by 59 per cent last year to $1.5 billion,” Mr Ayres added.
“Today’s figures demonstrates once again, Sydney is the financial capital of Australia and increasingly recognised as a leading financial services centre in the Asia Pacific.
“The NSW Government has made trade and investment a priority and our strategy has been to open up export opportunities to our priority markets, particularly in Asia, and in our key strengths of financial services, ICT, travel and education sectors.”
China remains Australia‘s largest market for service exports, growing 20 per cent in 2015 to $9.8 billion.
“We know China is encouraging a consumption economy, which means further focus on services. This will continue to provide new opportunities for NSW businesses to export their expertise, particularly with the China-Australia Free Trade Agreement,” Mr Ayres concluded.