Gold was Australia's sixth-largest export, at 5 per cent or $20.2 billion. Manufactures exports grew by 4.3 per cent to reach $46.1 billion in 2017-18. Asia includes Central Asia; Middle East; North Asia; South East Asia and Southern Asia. Over 9 million international visitors came to Australia, representing an increase of 6 per cent over 2016-17. John McEwen Crescent The sector is rebounding following a sustained dip in exports from 2009 following the global financial crisis. Select a country, economy or region to find embassies, country briefs, economic fact sheets, trade agreements, aid programs, information on sanctions and more. Australia's national statistical agency providing trusted official statistics on a wide range of economic, social, population and environmental matters. (d) Total minerals and fuels exports on a balance of payments basis. Australia ranked as the 19th-largest trade in goods partner of the EU, while the EU represented Australia's 3rd-largest trading partner in 2018, after China and Japan and before the US. Australia has eleven regional and bilateral FTAs in force. 1 in 5 jobs in the Australian economy involve trade-related activities. Recent developments include: the entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and signing of the Peru-Australia Free Trade Agreement in 2018; and the signature of the Indonesia-Australia Comprehensive Economic Partnership and Hong Kong-Australia Free Trade Agreement in 2019. Chinese sources including the Australian Bureau of Statistics, FIRB and Ministry of Commerce (MOFCOM) of the People’s Republic of China. Consumption goods, services, and capital goods followed in order, with gold contributing the smallest share. Based on ABS catalogues 5302.0 and 5368.0. The United States was Australia's largest foreign investor by a wide margin, accounting for $896.9 billion in investments in Australia at the end of 2017. Africa includes Central & West Africa; North Africa and Southern & East Africa. Services accounted for a 21.8 per cent share of exports, worth $88 billion. Australia's top sectors for foreign direct investment in 2017 were mining, with a 37.1 per cent share of the total worth $315.3 billion, followed by manufacturing with a 11.5 per cent share worth $97.7 billion, and real estate activities with a 10.7 per cent share worth $91 billion. Access to global markets allows Australian businesses to grow and benefit from economies of scale. Australia also provides support for the WTO's trade capacity building activities in developing countries. World Trade Statistical Review 2019. Trade Statistics. Exports to China in the first seven months of the year have reached $84 billion. This was the biggest trade surplus since April, amid improving global demand as more countries reopen their economies following an easing of COVID-19 lockdowns. As of August 2020, Australia's trade balance was $2,643 million (seasonally adjusted). Imports from China in February 2020 were down 41% when compared to January 2020 driven by decreases in the major import categories. Australia will not enter into an FTA unless it is a high-quality agreement that supports global trade liberalisation, meets benchmarks set by the WTO, and advances rules in areas and ways not possible in the multilateral system. Australia ratified PACER Plus, notifying the Depositary in Tonga on 20 December 2018. Australia's trade balance is the difference between what we export and what we import. Unless otherwise specified, all data is for the financial year 2017-18, for investment and international data the relevant time period is the calendar year 2017. Australia’s trade surplus has taken a beating, with a senior economist blaming our political spat with China for the dire performance. Investment in this sector increased by 3.1 per cent to $175.7 billion at the end of 2017 to account for 29.8 per cent of the total. 2 Afghanistan, Angola, Bangladesh, Benin, Bhutan, Burkina Faso, Burundi, Cambodia, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Eritrea, Ethiopia, Former Sudan, Gambia, Guinea, Guinea-Bissau, Haiti, Kiribati, Laos, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Myanmar, Nepal, Niger, Rwanda, Sao Tome & Principe, Senegal, Sierra Leone, Solomon Islands, Somalia, South Sudan, Sudan, Tanzania, Timor-Leste, Togo, Tuvalu, Uganda, Vanuatu, Yemen, Zambia. (b) Ranked on total Australian investment abroad. This resulted in a trade surplus of $6.8 billion. It has 164 members representing 98 per cent of world trade, and over 20 countries are seeking to join. Access to global markets encourages businesses to be more competitive, to innovate, and to adopt new technologies and methods. Fax: +61 2 6261 3111 As an island nation, Australia conducts 98% of its trade through Ports. Australia was the world's twenty-third largest exporter in 2017. The Pacific Agreement on Closer Economic Relations Plus (PACER Plus) opened for signature in Nuku'alofa in Tonga on 14 June 2017, and has been signed by Australia, New Zealand and nine Pacific Island countries – Cook Islands, Kiribati, Nauru, Niue, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu. Table 1 shows Australia’s top export markets for 2015, the share of Australia’s total exports which went to each market (by value) and growth in exports over the five years to 2015. It raises some serious questions about the decision to enter the trade war. The Australian Passport Office and its agents are committed to providing a secure, efficient and responsive passport service for Australia. One way of visualising the importance of trade tothe Australian economy over time is by looking at the proportion of Gross DomesticProduct (GDP) represented by trade. Australia is also able to support our trade and investment interests through the Asia-Pacific Economic Cooperation (APEC) forum. (d) Includes Related agency fees & commissions. Foreign direct investment was Australia's second-largest type of foreign investment at the end of 2017. (c) Total exports on a balance of payments basis. telecommunication and sound equipment (including mobile phones); office and ADP machinery (including laptop computers); and. Australia's manufacturing export industry is broad-based. (d) Derived from original data on an annual average. The value of goods and services imported into Australia continued to rise in 2017-18. (b) Derived from original data on an annual average. With short-term arrivals in Australia of 1.5 million up to June 2019, China overtook New Zealand, which contributed 1.4 million. In 2019-20, exports of iron ore accounted for 56% of all Australian goods exported to China and was a significant driver of the increase in exports between 2014-15 and 2019-20. These increases follow the signing of the China-Australia Free Trade Agreement (ChAFTA) which came in to force in December 2015. APEC has delivered substantial benefits to businesses and consumers in the region, including through its work to address trade barriers at and behind the border, and build the capacity of developing economies to improve their participation in global trade networks. APEC is the premier economic forum in the Asia-Pacific region, with an agenda focusing on trade and investment liberalisation, business facilitation and economic and technical cooperation. We are committed to moving as quickly as possible to achieve comprehensive and ambitious outcomes in the negotiations to maximise tariff reductions for Australian exporters, open up services markets, and set rules to enhance two-way investment. Australia Trade Statistics. Additionally, over the financial year, the Reserve Bank of Australia maintained the official cash rate at a stable and historically low level, while the labour market remained strong with the unemployment rate at 5.5 per cent, and signs of a pick-up in wages growth. This publication seeks to explain in simple statistical representations and in plain English the importance of trade and investment to Australia's ongoing prosperity. Breadcrumb. (a) Amounts either suppressed by confidentiality or not attributable to a specific category. Seven FTAs are currently under negotiation and we would like to negotiate an FTA with the United Kingdom when the time is right. In line with international practice, we traditionally record deals using USD as the base currency. With our World Trade Organization counterparts we are seeking feasible and practical reforms to the WTO to modernise and improve its ability to deliver real outcomes for business. Also in the WTO, in 2018 WTO Agreement on Government Procurement (GPA) parties unanimously agreed to Australia's final offer to accede to the agreement, after three years of negotiations. Imports reached $395.4 billion after increasing by 9 per cent over the year. Trade and Investment at a Glance provides high level statistical data on Australia's trade and investment profile on an annual basis. Doha Development Agenda; Countries and regions. DFAT estimatesaircraft imports would rank within Australia's top 20 imports with a value around $4.4 billion in 2017-18. Intermediate and other goods remained Australia's largest import sector and accounted for $120.6 billion in imports. The Australian Government's response, issued on 22 November 2018, to the independent report 'An India Economic Strategy to 2035: Navigating from Potential to Delivery' will unlock opportunities that will help India and Australia grow together. We are continuing to work to enhance economic ties with India, including through bilateral and regional FTA negotiations including RCEP. Minerals and Fuels exports grew by 12.6 per cent in 2017-18. Australia ranked as the 19th-largest trade in goods partner of the EU, while the EU represented Australia's 3rd-largest trading partner in 2018, after China and Japan and before the US. ; Trade time series data – detailed, downloadable datasets for more in-depth analysis. Once Australia completes its accession, the GPA will provide Australian businesses with the legal right to compete in government procurement markets the WTO estimates are worth US$1.7 trillion a year. Barton ACT 0221 Australia, Navigate through milestones in Australia's trading history on an interactive timeline at Australia's Trade through Time website: https://tradethroughtime.gov.au/, Trade Talk brings you a selection of the latest trade news from Australia and the world on a fortnightly basis: dfat.gov.au/tradetalk, Business envoy quarterly magazine connects DFAT's diplomatic network to Australian business: dfat.gov.au/businessenvoy, Composition of Trade Australia analyses the composition, direction and commodity breakdown of Australia's trade in goods and services, bi-annually on a calendar and financial year basis: /about-us/publications/Pages/composition-of-trade.aspx, Trade in Services Australia details the composition and direction of Australia's services trade, bi-annually on a calendar and financial year basis: /about-us/publications/Pages/trade-in-services-australia.aspx, International Investment Australia provides a detailed snapshot of Australia's inwards and outwards investment on a calendar year basis: /about-us/publications/Pages/international-investment-australia.aspx, Australia's trade by State and Territory gives a breakdown of each Australian state and territory's goods and services trade on a financial year basis: /about-us/publications/Pages/australias-trade-by-state-and-territory.aspx, Trade and investment articles aimed at enhancing understanding of trade trends: /trade/resources/publications/Pages/trade-and-investment-articles.aspx, R.G. TiSA negotiations have been on hold since December 2016. These rules are critical in ensuring the future benefits of digital trade are maximised, and support our evolving economy. The three-day program provides Australian industry with the opportunity to strengthen relationships with key international business events agents, … China is Australia’s biggest trading partner for both the export and import of goods. Department of Foreign Affairs and Trade (a) Includes loans, trade credit, currency, deposits and reserve assets. (b) Services on balance of payments basis. Goods and services; Public procurement; Intellectual property; Investment; Trade defence; Dispute settlement; Import and export rules; Trade policy and you; Website content. Australia sells a massive 30.6 per cent ($123.3 billion) worth of its exports to China, according to figures from the Department of Foreign Affairs and Trade (DFAT). Investment in manufacturing grew by 19.4 per cent to reach $113.8 billion, accounting for 19.3 per cent of the total. Australia's agriculture, forestry and fisheries exports increased by 0.6 per cent to $52.2 billion in 2017-18. switch to the Australia edition switch to the International edition Search jobs ... April 12, 2019. In each of these organisations we use our soft-power assets to promote Australia's interests, including trade liberalisation and the promotion of the rules-based trading system. Of Australia's top ten import sources, the United Kingdom was the only country from which Australian importers sourced more services than goods imports. China was the largest growth market. Over the past decade since 2007-08, two-way trade with these countries has increased by 3.1 per cent per annum. China remains a major global foreign investor, with the latest official figures showing that in 2018 China’s ODI actually grew 4.2 percent from a year earlier to reach USD 129.8 billion in 2018. World Trade Statistical Review 2019 looks into the latest developments in world trade, with a detailed analysis of the most recent trends for trade … (a) Includes confidential items of trade. EU position in world trade. Mutton exports were up 83%, compared to 19% across all markets and lamb exports were up 11%, against 12% across all markets. Where: TBC Timing: March - June 2021 TBC. (b) May exclude selected confidential import commodities. A key benefit of foreign investment is employment, with foreign direct investment in Australia supporting the employment of 1.2 million Australians (or 1 in 10 jobs in Australia). Our interests are advanced by our voice in the G20, the world's premier forum for international economic cooperation. Australia had the thirteenth-highest share of direct foreign inward investment in the world in 2017. Rural exports and manufactures accounted for 11.7 per cent and 11.4 per cent, or $47.1 billion and $46.1 billion respectively. The country's trade surplus with the US widened to USD 31.37 billion in October from USD 30.75 billion in September. More information on CHAFTA. Logo of the ABS with coat of arms. At the same time, we are pursuing multilateral outcomes to strengthen global rules governing trade in services, and supporting the extension of WTO rules into new areas such as investment and competition policy. PACER Plus is an important part of Australia's engagement in the Pacific and provides commercial opportunities for Australian exporters and investors in a range of sectors. The Portal will be updated as new agreements come into force. Australia exports approximately two thirds of our total agricultural production, around 95 per cent of iron ore, and almost all metallurgical coal production. Imports of personal protective equipment also increased substantially in April 2020. High Value Traveller - China. (a) Goods trade is on a recorded trade basis. Services exports grew by 7 per cent to reach $88 billion in 2017-18. China remained Australia’s largest two-way goods and services trading partner in FY2017–18, accounting for around 24% (A$195 billion) of total trade. (a) Special Administrative Region of China. The United States also received the largest portion of Australian investment overseas, again by a wide margin, accounting for $664.5 billion at the end of 2017. (a) Special Administrative Region of China, Source: Tourism Research Australia: International Visitor Survey. In 2019, China's merchandise trade surplus amounted to around 421.9 billion U.S. dollars. Inflation has risen by 25.1 per cent over the same period. Imports from China in both March and April 2020 increased as Chinese exports resumed to pre-COVID levels. RCEP has the potential to deliver significant opportunities for Australian businesses, with the 16 RCEP participating countries accounting for almost half of the world's population, over 30 per cent of global GDP, and over a quarter of world exports. More than half of this growth occurred in the last five years. The pace of change has been dramatic: ten years ago, the annual total of Chinese travellers in Australia was just 353,000. Australia will be ready to launch negotiations for a comprehensive FTA with the United Kingdom as soon as possible after it has left the European Union. Refer to the Trade time series data for more information and a list of the excluded commodities. The difference in the share of exports generated by the first and twentieth-largest export in the sector was just 7.5 percentage points. A further four are concluded but not yet in force, including the Indonesia-Australia Comprehensive Economic Partnership Agreement which was signed in Jakarta on 4 March, 2019. Exports of transport services were unchanged from 2016-17. Our interests are also served by the G20's continuing high-level support for institutions and policies that contribute to global prosperity and the integrity of the international financial and tax systems. Figure 1 shows exports and imports on aBalance of Payments basis since 1959 and Australia’s trade balance over theperiod (the difference between Australian exports and imports in a quarter). (b) May exclude selected confidential export and import commodities. It is up to the listener to read between the lines or pay attention to gestures and body language to get the real message. Australia-European Union Free Trade Agreement negotiations formally launched in June 2018 and our respective leaders agreed at the November 2018 G20 Summit to seek to accelerate progress on the FTA. Pacific Agreement on Closer Economic Relations Plus, Indonesia-Australia Comprehensive Economic Partnership Agreement, Australia-European Union Free Trade Agreement, Australia-India Comprehensive Economic Cooperation Agreement, Regional Comprehensive Economic Partnership. It covers our top trading partners, key exports, imports, sources and destinations for investment and how Australia compares with the rest of the world in global export, import and investment rankings. Exports to China in Australia decreased to 11709975.94 AUD THO in September from 11887550.08 AUD THO in August of 2020. source: Australian Bureau Of Statistics. It will enter into force for the other signatories 60 days after each country completes its domestic legal procedures. Imports of goods and services fell $1,747m (6%) to $28,108m. Ensuring Australia continues to build soft power and exercise influence effectively. ABN: 47 065 634 525, Advisory Group on Australia-Africa Relations (AGAAR). (d) The majority of total investment from Belgium is portfolio investment liabilities in the form ofdebt securities (Belgium hosts a major clearing house and despository for euro-denominated bonds and other securities, Euroclear). An LDC Services Waiver allows WTO members to grant preferences to provide LDCs access to their markets with the objective of enhancing LDC participation in global services trade. the world's largest exporter of iron ore, coal, unwrought lead and wool (UN Comtrade, 2017), the world's 2nd largest exporter of aluminium ores, beef, lentils and cotton (UN Comtrade, 2017), the world's 3rd largest provider of international education services (UNESCO, 2016), the world's 4th largest global exporter of liquefied natural gas (UN Comtrade, 2017). The G20 consists of 19 countries and the European Union, and represents over 85 per cent of global output, more than 75 per cent of global trade and almost two-thirds of the world's population. Services trade is on a balance of payments basis. Accounting for around 70 per cent of global services trade, the TiSA will address barriers to international services trade and promote the expansion of Australia's services exports. Our world-leading minerals and energy sector, in particular, has long been powered by foreign investment. The CPTPP entered into force for businesses in Australia, Canada, Japan, Mexico, New Zealand and Singapore on 30 December 2018, and Vietnam on 14 January 2019. Exports of goods and services rose $1,265m (4%) to $33,737m. 191 XLSX 0.1 MB: Crop data underpinning: Australian crop report: June 2019 No. R. G. Casey Building In 2019, China was Australia’s first largest inbound market for visitor arrivals and largest market for total spend and visitor nights. Two-way trade in goods and services with China was worth $33.4 billion in 2019, with exports worth $20.1 billion and imports $13.3 billion. (c) DFAT estimate for 2016-17 and 2017-18. (b) Passenger services includes air transport-related agency fees & commissions. Read more Policymakers in … That eclipses what Australia sells to Japan, South Korea, the United States and India combined ($117.5 billion) — 29.1 per cent of its exports. Based on ABS catalgoue 5368.0 and ABS special data services. Since the commencement of the China-Australia Free Trade Agreement (ChAFTA) there has been significant increases in exports of other products including: meat (in particular beef); medicinal and pharmaceutical products; and … Malaysia's Trade Statistics 2019. Exports have grown to $438.1 billion in 2018 and foreign investment is at record levels, demonstrating that Australian exporters are navigating challenging global economic conditions and foreign investors are confident about investing here. China is our ninth largest foreign investor, with 2.0 per cent of the total. In 2019-20, exports of iron ore accounted for 56% of all Australian goods exported to China and was a significant driver of the increase in exports between 2014-15 and 2019-20. However, the levels of Hong Kong (SAR of China) and Chinese investment in Australia have grown significantly over the past decade. Exports data subject to 'No commodity details' or 'No value details' confidentiality restrictions are excluded from individual country totals and included in 'All other countries'. Under the 2018 Argentinian G20 Presidency, Australia continued to reaffirm our commitment to a rules-based multilateral trading system anchored in the WTO, and advocated its essential role in maintaining continued economic stability and global prosperity. It covers our top trading partners, key exports, imports, sources and destinations for investment and how Australia compares with the rest of the world in global export, import and investment rankings. Casey Building Australia’s main imports from China include: Combined, these three products accounted for a third of the value of all of Australia’s imports from China in 2019-20. New Zealand’s trade balance was a surplus of $2.1 billion in the year ended June 2019. While FDI in mining increased 8 times, the number of Australians employed in the sector grew from 79,600 in 2001 to 226,700 in 2016. Tue 5 Nov 2019 03.58 EST Last modified on Wed 6 Nov 2019 16.40 ... how the US-China trade war is putting the squeeze on Australia . The world's second biggest economy is Australia's largest trading partner, with trade between the two valued at 215 billion Australian dollars ($158 billion) in 2018, according to official statistics. Australia sells a massive 30.6 per cent ($123.3 billion) worth of its exports to China, according to figures from the Department of Foreign Affairs and Trade (DFAT). The CPTPP will eliminate more than 98 percent of tariffs in the free trade area and enhance the level of transparency and predictability for Australian services exporters. The most common type of investment in Australia at the end of 2017 was portfolio investment, which refers to the purchase of securities (such as stocks or bonds) or equity and debt transactions that do not offer the investor any control over the operation of the enterprise.