NSW's first Trade Statement maps way for global success

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The NSW Government has released the first ever NSW Trade Statement, a bold plan to transform the State’s exports and trading performance on the world stage, create jobs and support economic recovery.

Deputy Premier and Minister for Regional NSW, Industry and Trade, John Barilaro said the NSW Trade Statement puts trade at the top of the agenda giving a clear direction on future support for NSW business, creating more and better jobs for NSW.

“Today marks a significant step forward for our State, with the NSW Trade Statement outlining a vision that will ensure economic growth and prosperity into the future,” Mr Barilaro said.

“Despite the challenges of the past few years and COVID-19 changing global trade patterns, the demand for NSW products and services continues to grow.

“Exports make up 15% of the NSW economy, worth $96 billion, and we are setting ourselves an ambitious target to double that to $200 billion by 2031.

“As we move forward with our roadmap to freedom, there has never been a more important time to advance our industries and give NSW businesses the support and connections they need to succeed beyond our borders, boost jobs and establish our State as the nation’s premier exporting hub.”

Treasurer Dominic Perrottet said the NSW economy was the nation’s engine room, with exports today supporting one in five jobs in Australia.

“The NSW Trade Statement responds to challenges identified for our State and also details how we’ll double exports in the next ten years, with the first milestone anticipated to be reaching $130 billion in exports by 2024,” Mr Perrottet said.

“Work is already well underway in delivering the actions set out in the NSW Trade Statement, including the appointment of six global Commissioners to facilitate new export growth opportunities and open doors for NSW businesses overseas.

“We’re also increasing our NSW overseas trade presence from 21 to 55 specialists in more than 21 high potential locations, to give businesses access to the local connections and networks for success.”

 

Co-chair of the Trade and Industry Advisory Committee (TIAC) Margaret Jack AM said the NSW Trade Statement will help boost NSW’s economy following the impacts of COVID-19.

“Our world is experiencing rapid economic, social and geopolitical changes and to thrive in a COVID-19 resilient world, we must understand and adapt to the key challenges and opportunities that exporting has to offer,” Ms Jack said.

The NSW Trade Statement outlines strategies to expand NSW exports including:

  1. increasing the number of exporting businesses from NSW, particularly small and medium-sized enterprises (SMEs);

  2. exporting a more diverse range of goods, services and technologies, reflecting the true breadth and depth of NSW's world leading capabilities;

  3. not only growing exports in established markets, but also increasing the number of overseas markets that we export to, and

  4. building new pathways like ecommerce for how we export to reach a global customer base of billions of consumers.

Mr Barilaro said the NSW Trade Statement gives clear direction on how government will assist exporters to harness new global market opportunities.

“This is an ambitious challenge, but NSW has never settled for ordinary,” Mr Barilaro said.

“From our north to our south, east to west, I want everyone to maximise their potential and this NSW Trade Statement is our guide to get there.”

Sara Johnston