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Australia's trade reaches new high

Australia's trade reaches new high article image

Australia’s total trade in goods and services reached a record $763.2 billion in 2017, up 11 per cent from 2016.

The snapshot of Australia’s trade is revealed in Composition of Trade, Australia 2017 released earlier this month.

The report finds the value of Australia’s goods and services exports rose 14.8 per cent to $386.7 billion in 2017. This growth was driven by rising exports of minerals and fuels, rural goods, services and manufactured items.

Iron ores and concentrates were Australia’s top export in 2017, worth $63.1 billion, an increase of 17.4 per cent from 2016. Coal was second, worth $57.1 billion, up 35.2 per cent from 2016, and education-related travel services were our third largest export, rising to $30.3 billion, an increase of 17.3 per cent.

China was again Australia's top trading partner, a position it has held since 2009, with two-way trade valued at $183.4 billion in 2017.

Ambitious trade agenda

Japan overtook the United States to become Australia’s second largest trading partner at $71.9 billion, with the United States the third largest partner at $68.5 billion.

“Australia’s record trade comes as the Turnbull Government pursues the country’s most ambitious trade agenda,” said Trade Minister Steven Ciobo.

Mr Ciobo said the government has concluded or updated seven trade agreements since 2013.

The government is now negotiating a free trade agreement with the European Union as well as on-going negotiations with Indonesia, Hong Kong and the Regional Comprehensive Economic Partnership (RCEP) and Pacific Alliance groups.

“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,” Mr Ciobo said.

“The more Australian businesses sell to the world, the more Australian jobs created.”

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