Media Release

19 May 2008

Australia's Composition of Trade 2007

Australia’s total value of trade in goods and services increased 5 per cent in calendar year 2007 to $454 billion, according to a Department of Foreign Affairs and Trade publication Composition of Trade Australia 2007 released today. In volume terms, total trade rose 7 per cent.

2007 Highlights:

• Exports increased by 4 percent in value terms to $218 billion and 3 percent in volume terms.
• Imports increased by 7 percent in value terms to $237 billion and 11 percent in volume terms.
• Australia’s terms of trade increased by a further 5percent in 2007, reflecting a 1 percent rise in export prices and a 4percent fall in import prices.
• China became Australia’s largest two-way trading partner in 2007, accounting for 13 percent ($58 billion) of total trade
• Japan was our second largest trading partner ($55 billion), followed by the United States ($48 billion).
• Japan remained Australia’s largest export market ($35 billion) with the United States the largest source of imports ($32 billion).

Composition of Trade Australia 2007(COT) provides a comprehensive analysis of the growth, direction and commodity breakdown of Australia's merchandise exports and imports in recent years. The services trade over a five year period is assessed.

The COT is part of a series published each year by DFAT, providing a valuable 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 3114, or fax (02) 6261 3321 or email statssection@dfat.gov.au.

The analyses and tables from the publications are placed on the DFAT website at http://www.dfat.gov.au/publications/stats-pubs/composition_trade.html. Hard copy orders can also be placed at this site.