Fall in local retail trade and exports

Submitted 6/06/2011

Migration for Business Growth

 

Figures released by the Australian Bureau of Statistics reveal a decline in local retail trade and exports.

Retail turnover in South Australia for April 2011 was 0.4 per cent lower (seasonally adjusted) than the previous month's figures.

This compares to the national retail turnover which increased 1.1 per cent during the same month.

Business SA Chief Executive Officer, Peter Vaughan, said that consumers continued to lack the confidence to spend.

"The drop in local retail spending confirms the low levels of busines and consumer confidence throughout the local economy," said Mr Vaughan.

"The retail sector is a significant employer here in South Australia and it is concerning that our State had the only decrease in retail trade in April.

"Growth in retail sales remains weak and general economy data continues to highlight the impact of the mutil-speed economy and the need for businesses across the State to be able to build momentum.

"With rising costs throughout the community, the Reserve Bank must leave interest rates on hold next week, and in the coming months, to allow for general confidence levels to recover."

International trade figures released today indicate a decrease in exports for South Australia in April.

Nationall, the balance of goods and services for April was a surplus of $1.6 billion (seasonally adjusted), from a revised $1.7 billion surplus in March.

South Australian exports decreased 16 per cent in April, while imports also went agaist the national trend and decreased by 12 per cent.

"While the volatile nature of our local trade figures continues, it is concerning that exports went against the national trend and declined in April," Mr Vaughan said.

"The strong dollar and rising costs of doing business is making it a challenging environment for our local exporters.

"It is pleasing however that our local exports are well above the level that they were at the same time last year.

"Singaport was South Australia's largest import partner for the month, while China remains our largest export destination."