Greater role for high-margin services and technology: Ciobo

Australia’s reliance on high-volume commodities to drive trade performance creates a boom in the good times, but can also make this country vulnerable to the volatility of world markets.

The future, says Minister for Trade, Tourism and Investment, Steven Ciobo, will include a diversified export effort, with the high-margin services and technology sectors playing a greater role – sectors that are often driven by small and medium-sized enterprises (SMEs).

“Australia’s trade landscape is changing; we’re seeing a real growth in services exports, with a 9.5 per cent increase from 2015 with a total export value of $71.5 billion (£57.75 billion).

“We are committed to setting up Australian SMEs in the tech and digital sectors with the best possible resources to enable them to compete on a global basis. I’m seeing some of the greatest opportunities for export in the start-up and innovation space.”

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