In a significant boost to the Victorian economy, the state has recorded the largest increase in exports across Australia, surpassing the billion-dollar mark in the past year.
According to the Australian Bureau of Statistics (ABS), Victoria's exports grew by 3.6% in the June quarter, reaching a new high of $17.6 billion.
The strong export performance has been attributed to a combination of factors, including increased demand for Victorian goods and services overseas and the state's strategic focus on international trade. Since 2015, exports have surged by almost a third, with a further 13.2% increase in the past year alone. This remarkable growth has solidified Victoria's position as a leading exporter among Australian states.
The economic benefits of increased exports are evident in the state's job market. Over the past year, an additional 26,300 Victorians have found employment, bringing the total number of jobs to a record 3.7 million. Since 2014, more than 850,000 new jobs have been created, demonstrating the positive impact of international trade on the state's economy.
Business investment in Victoria has also experienced a significant uptick, growing by over 9% in the year to March 2024. This growth is second only to another Australian state and exceeds the national average, indicating a strong confidence in Victoria's economic prospects.
The strong trade data highlights the importance of international exports to Victoria's economy. As the Education State, international education remains the state's largest export, accounting for $14.8 billion in export revenue in 2023. This sector supports around 63,000 local jobs and reinforces Victoria's global reputation as a welcoming destination for international students.
The Victorian Government has reaffirmed its commitment to maintaining the state's global reputation as an open and welcoming destination while supporting international students. However, the government has expressed concern over the Commonwealth Government's cap on international students, which risks damaging Australia's international education standing and economy.
