AANZFTA > Australia's Trade with ASEAN
The ASEAN–Australia–New Zealand Free Trade Agreement
Australia's Trade and Investment Relationship with ASEAN
- ASEAN is an important trading partner for Australia. In 2007-08, trade in goods and services with the 10 ASEAN countries accounted for 17 percent of Australia's total trade (A$81 billion).
- As a group, ASEAN is a larger trading partner for Australia than any single country (China 13 per cent, Japan 12 per cent, US 10 per cent).
- ASEAN is a major market for Australian exporters. In 2007-08, ASEAN member countries purchased 11 per cent of Australia's merchandise exports (A$20 billion) and 16 per cent of our services exports (A$8 billion).
- Between 1997-98 and 2007-08 Australia's two-way merchandise trade with ASEAN grew by an annual average of 10 per cent.
- ASEAN-Australia merchandise trade has grown faster than Australia's trade with any of its top 10 commercial partners, except China.
Australia's Merchandise Trade with ASEAN
Significant Australian Exports, 2007-08 - ($A million)
Aluminium -
1,521
Milk and
Cream - 721
Medicaments
- 605
Cotton
- 214
Uncoated flat steel
- 303
Significant Australian Imports, 2007-08 - ($A million)
Crude
petroleum
- 10,675
Refined
petroleum
- 8,716
Transport
vehicles
- 2,114
Computers
- 1,406
- Australia supplies 72 per cent of ASEAN's wool imports, 96 per cent of ASEAN's live cattle imports, and more than 60 per cent of its alumina, salt and barley imports.
- Australia is also a key supplier of wheat, pork, sugar, dairy and wheat flour to ASEAN.
- Australia is an important destination for ASEAN tourism and students. In the eleven months to November 2008, there were 88,295 student enrolments from ASEAN in Australia. About 714,500 tourists visited Australia in 2008.
- Australia's investment links with ASEAN are small. ASEAN attracted only 5 per cent of Australia's foreign direct investment (A$16 billion) as at December 2007, about 49 percent of which was invested in Singapore.
- ASEAN presents significant opportunities for Australian exporters. The 10 ASEAN countries have a combined population of more than 570 million people (larger than any single country except China and India) and a combined GDP of more than US$1 trillion.