Australia's total value of trade in goods and services increased 10 per cent in financial year 2007-08 to $489 billion, according to a Department of Foreign Affairs and Trade publication Composition of Trade Australia 2007-08 released today. In volume terms, total trade rose 8 per cent.
- Exports increased by 9 per cent in value terms to $234 billion and 4 per cent in volume terms. Strong growth was recorded for exports of coal (up 14 per cent to $25 billion), iron ore (up 37 per cent to $21 billion), education services (up 23 per cent to $14 billion) and gold (up 14 per cent to $12 billion).
- Imports increased by 12 per cent in value terms to $255 billion and 12 per cent in volume terms. Growth was recorded for both crude and refined petroleum (up 28 per cent to $17 billion and up 58 per cent to $12 billion respectively) and passenger motor vehicles (up 14 per cent to $15 billion).
- Australia's terms of trade increased by a further 6 per cent in 2007-08, reflecting a 5 per cent rise in export prices and a 1 per cent fall in import prices.
- China was Australia's largest two-way trading partner in 2007-08, accounting for 13 per cent ($64 billion) of total trade. Japan was our second largest trading partner ($60 billion), followed by the United States ($50 billion).
- Japan remained Australia's largest export market ($37 billion) with the United States the largest source of imports ($33 billion).
Composition of Trade Australia 2007-08 (COT) analyses the growth, direction and commodity breakdown of Australia's merchandise exports and imports in recent years. The services trade over a five year period is assessed.
The COT is part of a series published each year by DFAT, which also offers a customised consultancy service, producing reports tailored to specific requirements. For further information please contact (02) 6261 3114, or fax (02) 6261 3321 or email email@example.com.
The analyses and tables from the publications are placed on the DFAT website at http://www.dfat.gov.au/trade. Hard copy orders can also be placed at this site.
Media Enquiries: DFAT Media Liaison - 02 6261