Australia's trade in goods and services continues to grow according to the latest Composition of Trade, Australia 2014-15 publication.
The volume of total trade in goods and services increased over 3 per cent in 2014-15. The total volume of exports grew by nearly 7 per cent and import volumes rose by 0.1 per cent. Although the value of exports fell slightly, they are still strong at $318 billion. The value of Australia's imports increased to $341 billion.
China remained Australia's top trading partner in 2014-15 for the ninth year in a row. Two-way trade with China is valued at nearly $150 billion, and accounts for almost a quarter of Australia's total international trade.
Exports to the United States rose 20 per cent to more than $20 billion, overtaking the Republic of Korea to become Australia's third largest export market behind China and Japan.
Several of Australia's exports reached record levels in 2014-15:
- Beef exports rose 40.8 per cent to $9.0 billion
- Education-related travel services rose 14.5 per cent to $18.2 billion
- Personal travel services rose 6.4 per cent to $14.8 billion
Minerals and fuels export volumes rose by almost 10 per cent in 2014-15. While their value fell to $143.0 billion, this was largely due to falling world commodity prices. Natural gas rose 3.7 per cent to $16.9 billion with new production in Queensland.
The analyses and tables from the publication are available on the DFAT website or please email statssection@dfat.gov.au for a customised consultancy service.