APEC accounts for more than two-thirds of Australia’s exports and imports, according to a new report from the Department of Foreign Affairs and Trade that highlights the economic importance of the Asia-Pacific region to Australia.
The APEC Region Trade and Investment, 2010 shows 71 per cent of Australia’s exports in 2009 – valued at $178 billion – were destined for the APEC region, which also accounted for 67 per cent of Australia’s imports.
The report – which is being released ahead of the APEC Leaders’ Summit in Yokohama, Japan, on 13-14 November – highlights Australia’s trade and investment relationship with individual APEC economies, as well trade between other APEC economies.
The growing importance of the Asia-Pacific region is exemplified by APEC accounting for 44 per cent of the world’s total exports in 2009 and 55 per cent of world GDP.
The value of the APEC region’s exports to the world increased from US$2.0 trillion in 1992 to US$6.9 trillion in 2009.
But the report shows that APEC’s trade was not immune to the impact of the global economic downturn, with the nominal value of exports in goods and services slumping 19 per cent in 2009.
The United States was the largest exporter from the APEC region in 2009, with exports to the world of US$1.6 trillion. It was followed by China with exports of US$1.3 trillion and Japan with exports of US$709 billion.
Much of APEC members’ trade is with other APEC members. In 2009, 67 per cent of APEC members’ merchandise exports and imports were from within the region.
Australian investment in APEC member economies rose by three per cent to $641 billion in 2009, while investment by APEC member economies in Australia lifted 11 per cent to $791 billion.
The APEC Region Trade and Investment, 2010 is part of a DFAT series published each year providing a snapshot of Australia’s international trade in goods and services.
These publications are available from the DFAT website.
- DFAT Media Liaison: (02) 6261 1555