Strong trade results for Australia
Australia's trade in goods and services reached a record $661 billion in 2015-16. This analysis, released today in the Composition of Trade, Australia 2015-16 report, shows that Australian businesses are trading more, creating jobs and driving growth.
Exports rose nearly 7 per cent in 2015-16, underpinned by increased quantities of resources exports, particularly iron ore and gas.
Australia also saw strong growth in the number of tourists and students visiting our shores, which helped deliver a healthy increase of 8 per cent in services.
Overall, our net exports contributed 1.4 per cent to economic growth in 2015-16 when Australia's economy grew by 2.7 per cent.
For the tenth year in a row, China was Australia's top trading partner, with two-way trade valued at $150 billion or 23 per cent of total trade. The United States was Australia's second largest trading partner at $69 billion, followed by Japan at $60 billion.
Other key export highlights were:
- Education-related travel services rose 9 per cent to $20 billion
- Gold exports rose 23 per cent to $17 billion
- Personal travel services rose 17 per cent to $17 billion.