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$500 million drop for SA’s exports as Labor’s target pushes further out of reach

Nov 03, 2016

 
Tim Whetstone MP
Shadow Minister for Investment and Trade
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$500 million drop for SA’s exports as Labor’s target pushes further out of reach


Australian Bureau of Statistics data released today show the value of South Australian merchandise exports has dropped by more than $500 million to $11.1 billion in the 12 months to September 2016.

“Having half a billion dollars stripped from South Australia’s export earnings in just 12 months is a significant blow to the economy of the whole state,” said Shadow Minister for Investment and Trade Tim Whetstone.

“The impact of the loss is compounded by the fact merchandise exports have declined dramatically from $12.3 billion in the 12 months to April, 2014.

“At a time when South Australia has the highest unemployment rate in the nation the sustained loss of merchandise export values is damaging South Australia’s ability to grow jobs.”

As part of its economic priorities, Labor promised to lift goods and services exports to $18 billion by 2017.

Just months away from Labor’s deadline South Australian goods and services exports are billions of dollars shy of the Government’s target.

“Labor has already broken a promise to lift exports to $25 billion by 2013 and is again on track to break a revised target of $18 billion in goods and services exports by 2017,” said Mr Whetstone.

“If the Weatherill Government’s current policies were working effectively, we’d be seeing an increase in exports, not the dramatic drop of more than $1 billion since 2014.

“With the benefits of free trade agreements with China, Korea and Japan and strong demand, South Australian exports should be increasing substantially,” Mr Whetstone said.

 

 

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