NSW trade environment
International trade has benefited New South Wales by creating jobs, boosting average income, improving living standards, and contributing to growth in regional areas.
Key trade facts
- New South Wales’ exports have grown by an average of 4 per cent every year over the past five years.
- Key drivers of export growth over the last five years were services, manufactures and fuels.
- Services exports increased by 1% to $21 billion in 2009, driven mostly by education and personal-related travel, while professional and management consulting services are now among NSW top 4 exports.
- Growth in exports to Japan - NSW’s top export destination - remains robust, while exports to India, the USA and New Zealand are also growing strongly.
- China is NSW’s biggest two-way trading partner. In 2009-10, bilateral trade with China was valued at $21.6 billion.
- New South Wales has a financially stable economy. In 2009, the Government was awarded triple-A ratings from both Moody’s and Standard & Poor’s.
NSW is particularly strong in mining, advanced manufacturing and services sectors.
Mining is one of the building blocks of the NSW economy. The industry has positive benefits for regional communities and the State as a whole. The industry employs 110,000 people and continues to grow. There are 60 operating coal mines in NSW and about 30 coal projects are in development. Together these represent over $10 billion of investment, creating more than 8,000 jobs. Coal is the single largest export earner for NSW accounting for $12.9 billion in 2008-09. Coal alone will drive the value of mineral and metal exports to record highs in excess of $25 billion. Investment in coal mines is forecast to generate an increase in supply capacity of at least 100 million tonnes a year in the next 10 years.
NSW has the largest manufacturing sector of Australia, accounting for 32 per cent of the national industry. The State leads the exports of advanced manufactures, such as medicinal and pharmaceutical products worth $1.4 billion and professional and scientific equipment worth $907 million. The State also has strong manufacturing capabilities in renewable energy and sustainable building products.
Sydney’s role as a financial services hub in Asia continues to attract important investment. Offshore banks have opened their doors in NSW including The People’s Bank of China, China Construction Bank, Bank of Communications and Bank of Baroda. In 2008-09, 173,000 people were employed in the State’s finance and insurance services industry, representing 44 per cent of all people employed in this sector across Australia.
Education and Scientific Research
NSW’s education and research sector plays a significant role in the economy. Education was its second largest export earner in 2009, worth $6.7 billion, experiencing a five year trend growth of 16% per annum. With 11 universities and a large number of scientific centres, NSW has excellent research capacity in areas of strategic importance, such as clean energy, food production, health, environmental management, manufacturing and ICT.
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