A report summarising Australia’s total trade in goods and services has revealed a record 11 per cent increase to $763.2 billion in 2017 compared to 2016. It's a result that's helping to drive the nation's economic growth and create new jobs.
The report, Composition of Trade, Australia 2017 shows the value of Australia’s goods and services exports rose 14.8 per cent to $386.7 billion in 2017, which was driven primarily by exports of minerals and fuels, rural goods, services and manufactured items.
Iron ores and concentrates were the nation's top export in 2017 which were worth $63.1 billion and signify an increase of 17.4 per cent from 2016. Coal was Australia's second top export worth $57.1 billion, and up 35.2 per cent from 2016. Education-related travel services were our third largest export rising to $30.3 billion, signifying an increase of 17.3 per cent.
China continues to be Australia's top trading partner with two-way trade valued at $183.4 billion in 2017. Japan overtook the United States to become Australia’s second largest trading partner at $71.9 billion, with the United States the third largest partner at $68.5 billion.
Australia’s record trade comes as the Federal Government pursues the country’s most ambitious trade agenda, concluding or updating seven trade agreements since 2013.
Negotiations for a free trade agreement with the European Union has just been launched and negotiations continue with Indonesia, Hong Kong and the Regional Comprehensive Economic Partnership (RCEP) and Pacific Alliance groups.