Data shows strong trade outcomes for Australia
(4 December 2017 – Australia) New figures released by the Australian Bureau of Statistics confirm the value of Australian exports reached a new record high in 2016-17 of A$373 billion.
In a statement, Australia’s Minister for Trade and Investment, Steven Ciobo said, “These results are further evidence of the success of the Turnbull Government’s ambitious trade agenda. Our commitment to open trade and investment underpins Australia’s prosperity.
“Our free trade agreements with the North Asia powerhouse economies are delivering tangible benefits across industry sectors.”
The country’s exports of goods and services to China reached a record A$110 billion in 2016-17, driven by strong increases of iron ore, coal, LNG and education services. China remained Australia’s largest service export market, valued at A$15 billion in 2016-17.
China remained Australia’s largest two-way trading partner, while Japan became Australia’s second largest two-way trading partner.
The United States remained Australia’s largest two-way services partner in 2016-17, with services trade valued at almost A$24 billion.
Strong export growth in services was also reported for India (up 12 percent to a record $4.1 billion), largely driven by increases in education services, demonstrating the growing competitive strength of Australian services industries.