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SYDNEY, 30 August 2001 - Australia is currently the fastest growing economy in the OECD, thanks to a stable balance of goods and services produced for export that don't rely on a particular sector like electronics, according to Peter Yin, regional vice president, South Pacific, of the world's largest express delivery firm, FedEx Express.
Mr Yin made the comments as he begins a regional tour that will see him in Perth, Brisbane, Melbourne, Sydney and New Zealand between August 30 and September 10.
"There is no doubt that Australia has successfully maintained a balanced economy between raw materials such as food, fibre and minerals, and value-added products such as machinery parts and services, in the face of problems felt in other Asian countries today," Mr Yin said.
"When you look at the markets around Asia, many of which are feeling the downturn in the IT and electronics industries, you see that there is one marketplace that continues to grow, and that is Australia because it doesn't rely so heavily on these high tech exports.
"The old saying that Australia's economy rides on the sheep's back may not have the same literal meaning as it did half a century ago, but Australia is weathering the US-Asian downturn substantially due to the broad range of resource exports which will always be in demand around the globe."
Mr Yin said that of the total air-export commodities from Australia, around 50 percent of the goods were perishables, while machinery, parts, medical/pharmaceutical and textiles and garments made up a majority of the other 50 percent.
FedEx Express carries Australian goods for export from all over Australia with a daily flight from Sydney to the FedEx AsiaOne Hub in Subic Bay, Philippines. From there Australian exports are distributed to their destination country within 24-48 hours.
FedEx Express handles express deliveries for Australia's service industries, such as Duty Free Shopping which is experiencing strong commerce thanks to the tourist trade, as well as exports for Australian manufacturers like Australian icon RM Williams. Such companies rely on fast, efficient delivery to key markets across Asia and the world. FedEx Express also handles the express delivery of agricultural goods such as live cattle to Japan and medical equipment and supplies to China.
"When you compare the economies of many other Asian countries, which are heavily reliant on high-tech manufacturing, you get a very clear picture of why those economies have felt the ripple of the US climate, while Australia continues to record growth," Mr Yin said.
"FedEx Express has recorded significant growth in Australia since it was connected to our AsiaOne Network in 1998. This service gives Australian exporters overnight delivery to 19 major cities in Asia plus delivery within 24 to 48 hours to 211 countries.
"We predict that over the next ten years, at least half of the world's total trade flows will come from this region, and our presence here is vital to the long term growth of FedEx.
"Speed to market is necessary for successful and growing organisations, and using a dedicated carrier like FedEx, with our own aircraft, provides them with peace of mind that their deliveries won't be offloaded to make room for passenger baggage.
"Our AsiaOne Network of overnight delivery is unparalleled in the market and has given many shippers in Australia the key edge when it comes to getting their goods to market.
"This is especially important in today's e-commerce world where customers expect goods to be delivered within a day or two."
FedEx Express, a $15 billion subsidiary of FedEx Corp., connects areas that generate 90% of the world's gross domestic product in 24-48 hours with door-to-door, customs-cleared service. The company's unmatched air route authorities and infrastructure make it the world's largest express transportation company, providing fast, reliable and time-definite transportation of more than 3.3 million items to 211 countries each working day. FedEx employs approximately 149,000 employees and has more than 46,000 drop-off locations, 640 aircraft and 49,000 vehicles in its integrated global network.
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