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Australia's Composition of Trade 2007-08

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Media Release

Media Release

Australia's total value of trade in goods and services increased 10 per cent in financial year 2007-08 to $489 billion, according to a Department of Foreign Affairs and Trade publication Composition of Trade Australia 2007-08 released today. In volume terms, total trade rose 8 per cent.

In 2007-08:

  • Exports increased by 9 per cent in value terms to $234 billion and 4 per cent in volume terms. Strong growth was recorded for exports of coal (up 14 per cent to $25 billion), iron ore (up 37 per cent to $21 billion), education services (up 23 per cent to $14 billion) and gold (up 14 per cent to $12 billion).
  • Imports increased by 12 per cent in value terms to $255 billion and 12 per cent in volume terms. Growth was recorded for both crude and refined petroleum (up 28 per cent to $17 billion and up 58 per cent to $12 billion respectively) and passenger motor vehicles (up 14 per cent to $15 billion).
  • Australia's terms of trade increased by a further 6 per cent in 2007-08, reflecting a 5 per cent rise in export prices and a 1 per cent fall in import prices.
  • China was Australia's largest two-way trading partner in 2007-08, accounting for 13 per cent ($64 billion) of total trade. Japan was our second largest trading partner ($60 billion), followed by the United States ($50 billion).
  • Japan remained Australia's largest export market ($37 billion) with the United States the largest source of imports ($33 billion).

Composition of Trade Australia 2007-08 (COT) analyses 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, which 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

The analyses and tables from the publications are placed on the DFAT website at /trade. Hard copy orders can also be placed at this site.


Media Enquiries: DFAT Media Liaison - 02 6261

Last Updated: 14 January 2013
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