Australia’s total goods and services exports have reached a record $401 billion for the first time, bolstered by strong export growth to China.
International Trade in Goods and Services data for 2017-18, released today by the Australian Bureau of Statistics, demonstrates the ongoing strength of Australia’s overall trade performance, reinforcing the Turnbull Government’s commitment to open trade and investment.
The figures confirm the value of Australian exports reached a new high of $401 billion in 2017-18, the first time annual exports have exceeded $400 billion. Australia’s annual trade surplus was $6.3 billion over the same period.
These record exports were fuelled by increased resources exports including LNG, coal and iron ore, while meat and wool exports also rose. Machinery, other manufactures and gold also increased over the past year.
Importantly, the data reveals Australian exports to China, our largest trading partner, grew by 11 per cent in 2017-18, exceeding the $100 billion mark for the first time to reach $105 billion, reflecting the benefits provided by the China-Australia Free Trade Agreement.
Australia’s exports to Japan rose by 16.4 per cent to $48.2 billion over 2017-18; exports to ASEAN countries grew by 16.1 per cent to $32.7 billion and exports to India grew 7 per cent to $16.1 billion.
The figures highlight Australia’s global reputation as a premier tourism and study destination, with a record 9 million overseas travellers visiting Australia in 2017-18, helping to generate more than $85 billion in services export income, a 4.5 per cent increase on the previous year.