China was Australia's largest two-way trading partner, export market and import source in 2010, with total trade growing 23.6 per cent to over $100 billion for the first time, according to a Department of Foreign Affairs and Trade publication, Composition of Trade 2010, released today.
The publication showed Australia's exports increased 13.9 per cent to $284.6 billion, while imports rose by 5.4 per cent to $267.8 billion.
Other highlights include:
- Australia's export volumes increased 5.2 per cent while import volumes increased 13.5 per cent.
- Japan was Australia's second largest two-way trade partner ($66.1 billion) followed by the United States ($49.8 billion).
- Japan was also Australia's second largest export market ($45.7 billion) and the Republic of Korea was Australia's third largest export market ($22.4 billion).
- Australia's top three exports were iron ore and concentrates ($49.4 billion, up 64.3 per cent), coal ($43.0 billion) and education-related travel services ($17.7 billion).
- Australia's top three imports were personal travel services (excl education) ($20.3 billion), crude petroleum ($16.2 billion) and passenger motor vehicles ($15.9 billion).
This year's Composition of Trade also contains analysis of Australia's international trade in gold. Gold has been one of Australia's major exports since the 1970s, valued at $15.0 billion in 2010.
The report is part of a series published each year by DFAT, providing an account of Australia's international trade in goods and services. DFAT also offers a customised consultancy service, producing reports tailored to specific requirements. For further information please contact (02) 6261 3047, or fax (02) 6261 3321 or email firstname.lastname@example.org
The analyses and tables from the publications are available without charge on the DFAT website: http://www.dfat.gov.au/publications/stats-pubs/composition_trade.html.