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China becomes Australia's largest export services market

China becomes Australia's largest export services market article image

China's demand for Australia's services has pushed the USA from the top spot as Australia's largest services export market. Exports to China have grown 13.4 percent year-on-year to reach $5.8 billion during the last financial year, according to a report released by the Department of Foreign Affairs and Trade. Education and tourism were the highest earners in China, with education related travel services topping the chart at $4.4 billion in 2009-10. Exports of other personal travel services were valued at $610 million. About 165,000 Chinese students are enrolled in courses in Australia. This figure continues to increase although growth is slowing as education costs rise. The cost of studying in Australia for a Chinese student has doubled in the past two years to $126,940 according to estimates by Navitas, Australia’s largest international education reseller. The USA came in second as a services export market, buying just under $5.3 billion of Australian services last financial year. The US has held the position of largest services export market since 1983. Overall, Australia’s service exports fell just 0.2 percent to $5.8 billion in spite of the global downturn. Services account for 20.7 percent of Australia’s total trade in goods and services. The report entitled Trade in Services, Australia 2009-10 is part of a series released by the Department of Foreign Affairs and Trade each year which measures Australia’s international trade.

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