Service exports are not larger than dirt

From the AFR:

Someday, resources will not be Australia’s biggest export. That day may come sooner than you think. In fact, amid extreme volatility in the price of iron ore, it might already be upon us.

Exports of services were almost equal to exports of metals, ores and minerals in May, according to the latest monthly data from the Australian Bureau of Statistics.

The ABS does not seem to break out exports into specific product categories…

The ABS does break it out and here’s what is looks like when you include all major resources not just iron ore:

Of course, the ultimate prediction may yet come true…

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.