- Published:
- Tuesday 6 February 2018
Victoria is leading the nation in retail trade and goods exports – boosting local jobs, businesses and economic growth.
New data released today by the Australian Bureau of Statistics shows Victoria’s goods exports recorded the highest growth among the mainland states, increasing by 12.6 per cent in the year to the December quarter 2017.
By contrast, the national average saw a decline of 1.9 per cent.
Victoria's exports increased by $761 million over the year to the December quarter – the largest increase among all states and territories and testament to the strong economy that has created more than 300,000 jobs.
Victoria was one of just two states to record positive exports growth throughout the year, largely driven by strong demand from Victoria’s number one trading partner – China.
This accounted for 26.2 per cent of exports in the December 2017 quarter alone. Importantly, exports to China increased by 45.2 per cent over the year to the December 2017 quarter.
At the same time, the value of Victoria’s retail trade grew 4.5 per cent over the year – the highest of all states and well above the national average of 2.5 per cent.
This equates to a total retail turnover value over the year to December 2017 of $79.2 billion or 25.4 per cent – more than a quarter of the national total turnover.
Key drivers of Victoria’s strong annual retail growth include pharmaceutical and recreational goods; cafes, restaurants, and takeaway food; and household goods retailing.
Quotes attributable to Treasurer Tim Pallas
“These outstanding figures are just more evidence of how strong our economy is – boosting business and creating local jobs.”
“We’re bucking the national trend – with retail trade and exports jumping more than 12 per cent in Victoria last year while they went backwards on a national level.”
“We have reduced the impediments to growth for our retail businesses – with payroll tax cuts in successive years having a positive effect on both business and consumer confidence.”