Yet economic growth has remained pretty strong, driven by domestic demand. This has been associated with a widening in the current account deficit, which is now receiving some attention, so it is worth spending a few minutes considering the arithmetic of trade performance. That arithmetic is set out in the table below.
The figures incorporate estimates for the December quarter of 2002, based on partial data available. After a strong recovery from the problems encountered in the Asian crisis, Australian exporters have generally found the going tough since about the middle of 2001. Between mid 2001 and the end of 2002, export volumes declined by about 2½ per cent.