Victoria is leading the nation in retail trade and goods exports – boosting local jobs, businesses, and economic growth.
New data released on 6 February 2018 by the Australian Bureau of Statistics has revealed that 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 A$761 million over the year to the December quarter – the most significant increase among all states and territories and is a testament to the strong economy that's created more than 300,000 jobs.
Victoria was one of just two states to record positive exports growth throughout the year, primarily driven by strong demand from Victoria’s number one trading partner – China.
Exports to China accounted for 26.2 per cent of total exports in the December 2017 quarter alone, and increased by 45.2 per cent over the year to the December 2017 quarter.
Retail growth well above the national average
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, equating to a total annual retail turnover to December 2017 of A$79.2 billion or 25.4 per cent – more than a quarter of the national total turnover.
Critical drivers of Victoria’s strong annual retail growth include pharmaceutical and recreational goods, cafes, restaurants, takeaway food, and household goods retailing.