Exports in Australia
The economy of Australia recorded an average exports growth rate of 2.9% in the decade leading to 2022. In 2022, exports growth was 3.4%. For more exports information, visit our dedicated page.
Australia Exports Chart
Australia Exports Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Exports (G&S, ann. var. %) | 5.1 | 3.2 | -9.9 | -2.2 | 2.5 |
GDP grows at softest pace since Q3 2022 in the third quarter
GDP growth ebbed to 0.2% on a seasonally adjusted quarter-on-quarter basis in the third quarter, from 0.4% in the second quarter. Q3's reading marked the slowest growth since Q3 2022.
The downturn was driven by weakening private consumption, fixed investment and exports. Household spending recorded zero growth in the third quarter, which was below the second quarter's 0.1% expansion. Government spending, meanwhile, sped up to a 2.6% increase in Q3 (Q2: +1.4% s.a. qoq). Moreover, fixed investment growth fell to 1.1% in Q3, marking the worst result since Q4 2022 (Q2: +2.7% s.a. qoq), amid higher interest rates. On the external front, exports of goods and services contracted 0.7% in Q3, marking the worst result since Q1 2022 (Q2: +4.5% s.a. qoq). Conversely, imports of goods and services growth accelerated moderately to 2.1% in Q3 (Q2: +1.8% s.a. qoq). On an annual basis, economic growth accelerated to 2.1% in Q3, following the previous period's 2.0% growth.
The economy should expand at a relatively paltry pace in 2024 amid historically high inflation and interest rates. That said, sustained population growth, a further recovery in tourism and resilient global commodity demand will support activity. The evolution of China’s economy, particularly its housing market, is the key factor to monitor.
ING’s Robert Carnell commented: “Today's data don't close the book on further rate hikes, but they do make it harder for the RBA to justify further hikes without some stronger accompanying evidence that the inflation battle is stalling.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Australian exports projections for the next ten years from a panel of 14 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable exports forecast available for Australian exports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Australian exports projections.
Want to get access to the full dataset of Australian exports forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
GDP growth picked up to 5.3% year on year in the first quarter of 2024, above the 5.2% in the...
-
Singapore: Economy records best reading since Q3 2022 in Q1 2024
According to a flash release, GDP growth accelerated to 2.7% year on year in the first quarter of 2024, from... -
Guatemala: GDP grows at the slowest clip in over three years in Q4
GDP growth halved to 2.0% year on year at the tail-end of 2023 from an upwardly revised 4.0% in the... -
United Kingdom: Economic activity growth loses pace in February
GDP rose 0.1% month-on-month in seasonally adjusted terms in February (January: +0.3% mom), matching market expectations. On a rolling quarterly... -
Norway: Economic activity set back in February
The Norwegian economy stumbled halfway through the first quarter; total GDP contracted 0.9% in seasonally adjusted month-on-month terms in February,... -
Russia: Economy loses momentum in Q4
Growth lost steam at the tail end of 2023, with GDP increasing 4.9% on an annual basis in the fourth... -
Angola: GDP growth slows in the fourth quarter
Growth slowed in the fourth quarter, with GDP increasing 1.4% on an annual basis (Q3: +1.5% yoy). On a seasonally...