The value of Australian exports reached a record high of $373 billion last financial year, according to new Australian Bureau of Statistics figures.
China remained Australia’s largest two-way trading partner, while Japan became Australia’s second largest two-way trading partner.
Australian exports of goods and services to China reached a record $110 billion in 2016-17, driven by strong increases of iron ore, coal, LNG and education services. And China remains Australia’s largest service export market, valued at a record $15 billion in 2016-17.
The United States remains Australia’s largest two-way services partner in 2016-17, with services trade valued at almost $24 billion.
Strong export growth in services was also reported for India (up 12 per cent to a record $4.1 billion), largely driven by increases in education services, demonstrating the growing competitive strength of Australian services industries.
“These results are further evidence of the success of the Turnbull Government’s ambitious trade agenda,” said Minister for Trade, Investment and Tourism, Steven Ciobo.
“Our free trade agreements with the North Asia powerhouse economies are delivering tangible benefits across industry sectors.
These overall strong outcomes are a further indication of Australia’s pre-eminent global reputation as a tourism and study destination.”