Media Release
APEC accounts for more than two-thirds of Australia's exports and imports,
according to a new report from the Department of Foreign Affairs and Trade
that highlights the economic importance of the Asia-Pacific region to
Australia.
The APEC Region Trade and Investment, 2010 shows 71 per cent of Australia's
exports in 2009 – valued at $178 billion – were destined for the APEC
region, which also accounted for 67 per cent of Australia's imports.
The report – which is being released ahead of the APEC Leaders' Summit in
Yokohama, Japan, on 13-14 November – highlights Australia's trade and
investment relationship with individual APEC economies, as well trade
between other APEC economies.
The growing importance of the Asia-Pacific region is exemplified by APEC
accounting for 44 per cent of the world's total exports in 2009 and 55 per
cent of world GDP.
The value of the APEC region's exports to the world increased from US$2.0
trillion in 1992 to US$6.9 trillion in 2009.
But the report shows that APEC's trade was not immune to the impact of the
global economic downturn, with the nominal value of exports in goods and
services slumping 19 per cent in 2009.
The United States was the largest exporter from the APEC region in 2009,
with exports to the world of US$1.6 trillion. It was followed by China with
exports of US$1.3 trillion and Japan with exports of US$709 billion.
Much of APEC members' trade is with other APEC members. In 2009, 67 per
cent of APEC members' merchandise exports and imports were from within the
region.
Australian investment in APEC member economies rose by three per cent to
$641 billion in 2009, while investment by APEC member economies in
Australia lifted 11 per cent to $791 billion.
The APEC Region Trade and Investment, 2010 is part of a DFAT series
published each year providing a snapshot of Australia's international trade
in goods and services.
These publications are available from the DFAT website.
Media inquiries
- DFAT Media Liaison: (02) 6261 1555