AusBN – The value of Australia’s non-mining and non-farming exports has increased by 7% in the last year, according to research from Barclays.
Tourism is leading the way, buoyed by the depreciation of the Australian dollar making Australia a cheaper destination for visitors from Asia, the US and Europe.
Data from the Australian Bureau of Statistics shows that the value of inbound tourism in May this year was 11% higher than last year.
Total tourism-related income for the 12 months up to May came to about $17 billion – just ahead of coal at $16.5 million.
Coal and the rest of the mining sector has been hit hard by not only the depreciation of the dollar, but also by low commodity prices.
If this trend continues tourism could overtake coal permanently as Australia’s second most valuable export – and perhaps even take the top spot from iron ore.