Australia’s goods and services exports to China exceeded $100 billion for the first time in 2013.
And Australia’s two-way trade in goods and services with China surpassed $150 billion during the same period.
These two significant milestones were contained in data released by the Australian Bureau of Statistics (ABS).
In a statement yesterday Trade Minister Andrew Robb said the new trade and services data highlights the importance of China as Australia’s major trading partner.
It also demonstrates why concluding a Free Trade Agreement with the world’s second biggest economy remains a high priority for the federal government.
According to the ABS, Australia’s exports to China were valued at $102 billion in 2013 – an increase of $22 billion (28 per cent) on 2012.
China accounted for almost a third of Australia’s total goods and services exports.
Japan was our second largest export market in 2013 with $50 billion followed by Republic of Korea ($21 billion), the United States ($16 billion) and India ($11 billion).
Largest import markets
Mr Robb said the Abbott Government’s successful conclusion of new bilateral trade agreements with both Korea and Japan and commitment to quickly finalise an FTA with China, could help to drive these trade and investment relationships to a new level.
Australia’s two-way trade in goods and services with China was valued at $151 billion (up $25 billion or 20 per cent on last year). China accounted for almost one quarter of Australia’s total trade.
China was also Australia’s largest import source in 2013 with $49 billion (up 6 per cent on last year), accounting for 15 per cent of total imports.
Our next largest imports markets were the United States ($39 billion), Japan ($21 billion), Singapore ($18 billion), and Thailand ($14 billion).
The ABS services trade release shows the United States was Australia’s largest two-way services trading partner ($18 billion) in 2013, followed by the United Kingdom ($10 billion) and China ($9 billion).
China was Australia’s major services export market for services with $7 billion in 2013 (up nine per cent), mainly driven by travel services (education-related travel services were $4 billion and recreational travel services were $2 billion in 2013).
The United States was Australia’s major import source for services with $12 billion in 2013 (up 14 per cent).