Natural gas exports soar as do oil imports AAP News 12:31:020...

Natural gas exports soar as do oil imports
AAP News
12:31:020 28/11/2005
By Shane Wright, Economics Correspondent
CANBERRA, Nov 28 AAP - Natural gas has become one of Australia's
most important exports but new figures show the nation struggling
to cover the cost of increasingly expensive oil imports.
The annual composition of trade report from the Department of
Foreign Affairs and Trade showed Australia exported $162.3 billion
worth of goods during 2004-05, an increase of 13 per cent.
But imports were up 12 per cent, hitting a record $187.8
billion, giving Australia a trade deficit of $25.5 billion for the
year.
The increase in exports was built upon price increases. Export
volumes rose three per cent, following an average rise of just one
per cent since the turn of the century.
The actual volume of imports rose 12 per cent during the year,
and have grown eight per cent a year since 1999-2000.
Australia exported a record $17.1 billion worth of coal, up 57
per cent due to surging international prices. Iron ore exports
($8.1 billion) rose 53 per cent, crude petroleum ($5.7 billion)
increased 23 per cent and cattle meat exports improved 24 per cent
to $4.9 billion.
Natural gas was the only new entrant to the top 10 exports,
rising 47 per cent to $3.2 billion, mostly to Japan and South
Korea.
It is likely to increase even further next year, with strong
prices and growing demand, particularly from China.
On the import side, Australians bought $11.6 billion worth of
overseas-made passenger cars, an increase of three per cent.
Since the start of the new century, imports of passenger cars
have averaged 11 per cent growth per year.
But it was sky-rocketing oil prices which really hurt.
Because of surging oil prices, imports of crude petroleum rose
54 per cent in value to $9.7 billion, while imports of refined
petroleum were up 47 per cent to $4.9 billion.
Medicines, including veterinary medicaments, rose 17 per cent to
$5.7 billion and have been growing at 14 per cent a year for the
past five years.
Computer imports rose 13 per cent to $5.8 billion,
telecommunications equipment imports were up 15 per cent to $5
billion, while transport vehicle imports rose 30 per cent to $4
billion.
Japan remains Australia's biggest trading partner, with two-way
trade worth $42.1 billion.
Exports to Japan rose 26 per cent to $24.9 billion, accounting
for 20 per cent of all of Australia's exports.
But China is set to close the gap, with total trade climbing
almost 30 per cent to $32.8 billion. Imports from China rose 29 per
cent to $19.8 billion, while exports climbed 31 per cent to $13
billion.
China overtook the United States as Australia's second largest
trading partner during the year.
Exports to the US dropped for the second consecutive year,
hitting $9.4 billion, while imports jumped $1.4 billion to $21.3
billion.
South Korea ($14.7 billion in two-way trade), New Zealand ($14.5
billion), Britain ($10.7 billion), Singapore ($10.6 billion),
Germany ($10 billion), Malaysia ($8.5 billion) and Taiwan ($8.5
billion) were Australia's other largest trading partners.
AAP