The Australian Bureau of Statistics (ABS) today released data on the characteristics of Australian exporters.
According to the ABS, the overall number of exporters in Australia fell marginally over the 2011-12 financial year, with a -10% reduction in services exporters more than offsetting a 1% increase in goods exporters (see below table).
Manufacturing exporters have been particularly hard hit by the high Australian dollar (AUD), with the number manufacturing goods exporters falling by -3% and the number of ‘Manufacturing and repair’ services exporters falling by -39% over the 2011-12 financial year.
As noted recently by Professor Ross Garnaut, Australian non-mining exports will need to lift if Australia is to prevent a recession and high unemployment once the commodity price boom comes to an end.
“If we left the adjustment until the markets heap it upon us anyway, we are guaranteed deep recession and high unemployment”.
The AUD needs to fall and fall quickly.
