The Composition of Trade Australia 2016 released last week showed that Australia’s export volumes rose 7.9 per cent in 2016 and import volume increased 0.2 per cent with consumption goods up 2.6 per cent.
China was Australia’s largest individual two-way goods and services trading partner in 2016, accounting for 23.1 per cent ($155.2 billion) of total trade. The United States was the second largest trading partner accounting for 9.6 per cent ($64.3 billion) followed by Japan, accounting for 9.1 per cent ($61.0 billion).
The Association of South East Asian Nations (ASEAN) members accounted for 13.8 per cent of Australia’s total trade and China was Australia’s largest export destination (valued at $93.0 billion) and import source (valued at $62.1 billion).
Australia’s top 5 goods and services exports were: Iron ore & concentrates ($53.7 billion); Coal ($42.3 billion); Education-related travel services – which includes foreign student expenditure on tuition fees and living expenses in Australia – ($22.0 billion); Gold ($18.9 billion) and Natural gas ($17.9 billion).
With globalisation comes a new era of trade and Australia’s Free Trade Agreement with China, Japan and South Korea makes it easier than ever before for businesses to grow their revenue and become global brands. Are you taking advantage of these FTAs to increase your market share or presence in the North and South East Asian region.? For further information, please contact Shirley Ng on Tel: 03 8662 5172 or email: firstname.lastname@example.org
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For all other enquiries, please contact the Victorian Chamber on (03) 8662 5333.