South Australia has recorded the worst export growth rate of any state in the country during the last financial year according to the Federal Government’s Composition of Trade Australia 2016-17 report.
The report shows that the value of South Australia’s exports only grew by 0.7 per cent in 2016-17, the lowest growth rate of any state, while the nation’s total exports value grew by 16.8 per cent.
"This is further evidence that the Weatherill Government’s trade strategy is failing," said Shadow Minister for Investment and Trade Tim Whetstone.
"Not only did South Australia have the slowest growth rate of any state in the country during the last financial year but our five year trend was also the second worst of any state, lagging near the bottom of the pack at 2.2 per cent.
"Unfortunately exports are yet another key economic indicator in which South Australia is falling behind the rest of the country.
"When the Labor Government came to power South Australia had 7.4 per cent share of the nation’s merchandise exports, now we have just 4 per cent.
"We need to urgently reverse the serious and steady decline of South Australia’s share of the export market on the national stage and grow our exports to bring in more dollars into the South Australian economy and support job creation.
"That’s why if elected in March we will open four new trade offices in the key trade markets of Japan, Malaysia, Dubai and the United States.
"South Australia’s export strategy needs to be targeted and establishing trade offices in key countries is the first step in tapping into these lucrative overseas markets with the greatest potential for export growth.
"We have so much premium product to export in South Australia, from our world-class agricultural produce, wine and minerals and the Liberals’ trade strategy will help South Australian exports get more of their product into overseas markets.
"Growing South Australia’s exports will be a priority for a Marshall Liberal Government because we know that by bringing more overseas dollars into our economy will create more jobs for South Australians.
"The Liberals also have a plan to make South Australian businesses more competitive so they are better able to compete on the international stage and will reduce the cost of doing business by lowering electricity prices, slashing $360 million from ESL bills and capping council rates."