08 Feb 2019
Against the backdrop of a difficult international financial setting, Australia’s trade recorded robust progress within the monetary yr (FY) 2017–18 based on the newest knowledge launch by the Department of Foreign Affairs and Trade (DFAT).
DFAT’s Composition of Trade Australia 2018 offers a complete evaluation of Australia’s export and import performance in addition to in-depth knowledge on Australia’s prime 25 buying and selling companions.
After a surge of 9% in FY2016–17, the worth of Australia’s two-approach trade (exports and imports of products and providers) rose by eight% to virtually A$800 billion in FY2017–18 (see desk under).
The nominal worth of Australia’s complete exports grew by eight% to exceed A$400 billion, with minerals and fuels, providers, manufactures and rural items all rising through the yr. Australia’s export volumes have been additionally robust, up by four% in FY2017–18. The quantity of minerals and fuels elevated by roughly 7% and providers by 6%.
Australia’s prime 10 exports ranked by worth in FY2017–18 have been: iron ore; coal; schooling-associated providers; pure fuel; private journey providers (excluding schooling); gold; aluminium; beef; crude petroleum; and copper ore.
Australia’s general trade progress stays balanced. The nominal worth of Australia’s complete imports expanded by 9% to A$395 billion in FY2017–18. Rises occurred in intermediate and different items, providers, capital items, and consumption items.
Import volumes elevated by 7% with capital items up 11%, providers up eight%, intermediate and different items up 6%, and consumption items up 6%.
China remained Australia’s largest two-approach items and providers buying and selling associate in FY2017–18, accounting for round 24% (A$195 billion) of complete trade. China was Australia’s largest export vacation spot (valued at A$123 billion or 31% of Australia’s complete exports) in addition to import supply (valued at A$71 billion or 18% of Australia’s import invoice).
Japan was Australia’s second largest buying and selling associate, accounting for round 10% (A$78 billion) adopted by the United States, with 9% (A$70 billion). Rounding off Australia’s prime 10 buying and selling companions in 2017–18 have been South Korea, India, New Zealand, the United Kingdom, Singapore, Thailand and Germany.
Regionally, Australia’s trade with Asia accounted for 66% of Australia’s complete trade, Europe for 15%, America for 11%, and Oceania (largely New Zealand) for five%.
For additional financial commentary and evaluation of the key tendencies and occasions that form Australia’s trade and funding performance, go to Economics at Austrade.