CANBERRA, Dec 31: Trade Minister Tim Fischer on Thursday predicted Australian exporters will meet the challenges of a continuing world economic slowdown in 1999 by finding new markets, reports AP.

"I remain confident Australian exporters will demonstrate once again their ability to diversify and explore new export opportunities not only within Asia but also beyond Asia to markets such as the US. Europe and Middle East," Fischer said.

During 1997/98 Australian exporters notched up an impressive 114 billion Australian dollars (US $96.5 billion) worth of exports of goods and services, up more than 8 per cent on the previous year, he said.

In the first nine months of 1998. exports to the United States increased by 40 per cent, to India and Germany by 32 per cent and to the United Arab . Emirates by 49 per cent.

"The federal government is playing its part in helping our exporters meet the challenges of international trade with a budget surplus, solid economic growth and sound economic management providing a stable platform for Australian exporters to take on the world." Fischer said.

"1999 will be an especially important year for trade facilitation as the world moves toward a new multilateral round of trade negotiations, with potentially huge gains for exporting nations like Australia," he said.

He said the new year would also present other challenges for Australian exporters, such as the introduction of the new single currency unit, the euro, for the European Union, which will replace 11 different currencies.