Australian Trade Now On A Healthy Boom

Since it is Christmas season again in Australia, holiday visa holders are now flocking back into the country. And it seems that tourists are not the only ones that are excited about the development. As it is, the influx of tourists into the country is an indication of the healthy status of the country's economy.

And it is not only the tourism industry that is booming nowadays. In fact, every aspect of the Australian economy has seen significant growth in the past few months. For instance, the mining industry is enjoying a significant amount of growth, due to the large revenues generated by coal and iron ore exports. Another industry that has shown significant growth this year is the information technology field, which was further boosted by the introduction of the National Broadband Network project.

Overall, the Australian economy posted a trade surplus of more than $2.3 billion. Here event though the country's exports dipped by 2.0 percent, this was offset by a 5.0 percent drop in imports. For those not familiar with such economic figures, what this means is that Australia doesn't purchase as much products from other country as in previous months. This indicates that the country will be able to supply the needs of its people.

Economists are very optimistic of these developments. According to AMP Capital Investors chief economist Shane Oliver, this one is definitely a good sign. He explained that the positive trade growth will serve as a boost to other sectors of the economy

Other economists also said that this one is a clear indication that the country is well underway to full recovery after the financial crisis of 2007. Experts noted that Australia was actually one of the first countries to be hit when the crisis broke out. However, through the government's careful management, the country was able to institute a mitigation program that lessened its impact.

However, while some economic experts do agree that this one is indeed good, they said that it is still not yet time to get overexcited about it. They said that there are still factors that would likely affect the country's economy. One of these would be the increase in petrol prices. Experts pointed out that the price of oil have started to move up for its annual year end rise. This, they pointed out, will offset a bit of the gains from the healthy trade that the country is now experiencing.