Photo by: Bloomberg
PERTH (miningweekly.com) – Australia’s total trade in goods and services reached a record A$763.2-billion in 2017, new data from the Department of Foreign Affairs and Trade has found.
The 'Composition of Trade, Australia 2017' found that the value of Australia’s goods and services exports rose 14.8% to A$386.7-billion in 2017, driven by rising exports of minerals and fuels, as well as rural goods, services and manufactured items.
Iron-ores and concentrates were Australia’s top export in 2017, worth A$63.1-billion, an increase of 17.4% from 2016. Coal was second, worth A$57.1-billion, up 35.2% from 2016.
Natural gas exports also increased by 43%, to reach A$25.6-billion, while gold exports declined by 6.5%, to reach A$17.6-billion. Aluminium ore and concentrate export increased by 30.4% in 2017, reaching A$8.4-billion, while copper ore and concentrate export was up 1.7% to A$4.7-billion.
China was again Australia's top trading partner, a position it has held since 2009, with two-way trade valued at A$183.4-billion in 2017. Japan overtook the US to become Australia’s second largest trading partner at A$71.9-billion, with the US the third largest partner at A$68.5-billion.
Trade, Tourism and Investment Minister Steven Ciobo said that Australia’s record trade comes as the Turnbull government pursued the country’s most ambitious trade agenda.
The Coalition has concluded or updated seven trade agreements since 2013 and was working to secure more.
“The government has just launched negotiations for a free trade agreement with the EU as negotiations continue with Indonesia, Hong Kong and the Regional Comprehensive Economic Partnership and Pacific Alliance groups.
“Creating new opportunities for Australians to sell more of their goods and services to the world through trade agreements is part of the government’s plan for a stronger economy. The more Australian businesses sell to the world, the more Australian jobs are created,” Ciobo said.