18 July 2011

South Australia is hot on the heels of the mining giant Western Australia as the nation’s fastest growing export economy, according to new figures released by the Australian Bureau of Statistics.

In the 12 months to May, South Australia’s overseas goods exports totalled $11 billion. This was a 38 per cent increase, or $3 billion on the previous twelve months.

Minister for Industry and Trade, Tom Koutsantonis, said these gains were due to the Government’s long-term decision to invest in the State’s mining industry, as well as a record-breaking wheat harvest.

“South Australia, and the nation, is slowly regaining the ground lost when the global financial crisis hit and caused exports and overseas markets to melt down,” he said.

“The Government’s investment in the mining industry and our targeted export programs to growing economies such as China and India, appear to have helped SA leap frog other states and recover far more quickly."

Mr Koutsantonis said South Australia’s booming figures were also helped by the Government’s targeted export programs to the growing economies of China and India.

“Exports into China rose 85 per cent and India 63 per cent for a combined rise of nearly $1.3 billion this year on the previous 12 months,” Mr Koutsantonis said.

“This clearly shows the Government’s trade offices in those countries have been performing an outstanding job of selling what South Australia has to offer.

“These latest results are very encouraging for the State as are exports are continuing to diversify. 

“And when the US and European markets fully recover I am confident exports will continue to grow rapidly.”