Australia’s trade in goods and services grew 2.4 per cent to $664 billion last year. This analysis, released today in the Composition of Trade, Australia 2014 report, shows that Australian businesses are trading more, creating jobs and driving growth.
China was Australia's top trading partner last year, with two-way trade valued at $152.9 billion, or 23 per cent of total trade. Japan was our second largest trading partner at $70.3 billion, followed by the United States at $60.4 billion.
All major Australian sectors recorded export growth, including in rural goods, minerals and fuels, manufacturing and services. Export values rose 2.5 per cent to $327 billion with export volumes growing 6.7 per cent. Australia’s imports increased 2.3 per cent to $337 billion in value terms, while the volume of imports decreased 1.7 per cent.
Natural gas exports rose almost 22 per cent to over $17 billion, along with education-related travel services, which grew more than 13 per cent to $17 billion. Personal travel services exports increased by more than 8 per cent to $14 billion.
Iron ore exports fell 5 per cent in 2014 to $66 billion, while coal fell almost 5 per cent to $38 billion.
The Composition of Trade report provides further data and analysis on trends in Australian trade. For customised consultancy services, contact email@example.com.