Led by rising exports of minerals and fuels, Australia’s total trade in goods and services broke records when it hit AU$763.2 billion in 2017.
Australia’s total trade in goods and services broke records in 2017 when it reached AU$763.2 billion, coming in 11 percent higher than 2016, according to a new report released yesterday (July 9).
The report, Composition of Trade, Australia 2017, indicated that the value of Australia’s exports of goods and services grew 14.8 percent to AU$386.7 billion in 2017, driven by rising exports of minerals and fuels, manufactured items, services and rural goods.
On the flip side, the value of Australia’s imports of goods and services also grew 7.4 percent to AU$376.6 billion, which stemmed from rises in capital goods, intermediate and other goods, services and consumption goods. Gold declined in both imports and exports.
While the third spot went to education-related travel services at AU$30.3 billion, natural gas took the fourth spot at AU$25.6 billion. Refined petroleum also made 2017’s top five import list in third place at AU$19.2 billion.
China accounted for 24 percent of total trade at AU$183.4 billion as Australia’s largest two-way goods and services trading partner, a position the country has held since 2009. Japan and the United States took second and third place respectively as trading partners, with Japan making up 9.4 percent of trade at AU$71.9 billion and the US making 9 percent at AU$68.5 billion.
Trade, Tourism and Investment Minister Steven Ciobo released a statement on the report, detailing how Australia’s Turnbull government has pursued “the country’s most ambitious trade agenda.”
“The Turnbull Government has just launched negotiations for a free trade agreement with the European Union as negotiations continue with Indonesia, Hong Kong and the Regional Comprehensive Economic Partnership (RCEP) and Pacific Alliance groups,” the statement read.
“Creating new opportunities for Australians to sell more of their goods and services to the world through trade agreements is part of the Turnbull Government’s plan for a stronger economy.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.