International trade


The Northern Territory (NT) economy is a small open economy influenced by trade, investment and movements in commodity prices and exchange rates. In this section, analysis is provided on the NT's trade balance, trade in goods and services, national and global conditions, exchange rates, as well as key trading partners and commodities relevant to the NT economy.

     


Key facts | Trade balance | Major trading partners | Goods exports | Goods importsService exports | Service imports | National trade | Global economy | Explanatory notes

The NT has a small open economy that is significantly influenced by external factors, such as investment associated with major projects, economic conditions in trading nations, commodity prices and exchange rates. The structure of the economy reflects the NT’s abundant natural resources, strategic defence significance, tourism attractions and relatively large government and community services sector.

National and international economic activity influences the NT economy through changes to exchange rates, commodity prices, population flows, interstate trade volumes, tourism activity and the availability of workers to meet the NT’s labour requirements. Additionally, monetary policy set by the Reserve Bank of Australia influences household consumption, business confidence and investment in the NT.

Major Asian economies, including Japan, China, Taiwan, Singapore, Republic of Korea and Indonesia, are in close proximity to the NT and have significant trade ties that make them some of the NT’s major trading partners.  The NT also relies on goods imports from the United States of America and the European Union, which are also identified as key trading partners.

Key facts

Trade balance 2019-20

Major trading partners

Goods exports

In the year to March 2021:

Goods imports

In the year to March 2021:

Service exports

Service imports

National trade

In the year to March 2021:

Global economy

Explanatory notes