Published on : Tuesday, January 3, 2017
The travel and tourism sector in Australia is expected to grow strongly, assisting Australia’s exports in the next 15 years. As predicted by HSBC Bank, this growth will be partly fuelled by a rise in real incomes in East Asia, especially China, and were part of the bank’s analysis of trade. HSBC accounted that tourism and travel related services, including educational tourism comprised almost 60% of Australia’s service exports in 2015. Overall service exports accounted for almost $US50 billion ($A69 billion) then
HSBC said, “As with education, demand from East Asia and in particular China has driven this growth, and Australia has become a popular overseas destination for Chinese tourists.” Personal travel apart from education has also grown rapidly in Australia over the last 15 years. Growth in tourism and travel exports is expected to increase by more than 7% annually between 2016 and 2030, as predicted by HSBC.
It also said that business to business services, such as financial services, would become an “increasingly important” source of revenue. The value of Australia’s services exports on the whole would rise almost 7.4% annually to reach $US144 billion by 2030 and raw materials would dominate Australia’s goods exports.
Tags: Australian Tourism