Media Release: The Hon Steven Ciobo MP, Minister for Trade, Tourism and Investment.
Australia’s total trade in goods and services reached a record $763.2 billion in 2017, up 11 per cent from 2016, driving economic growth and creating new jobs.
The snapshot of Australia’s trade is revealed in Composition of Trade, Australia 2017 released today.
The report finds the value of Australia’s goods and services exports rose 14.8 per cent to $386.7 billion in 2017. This growth was driven by rising exports of minerals and fuels, rural goods, services and manufactured items.
Iron ores and concentrates were Australia’s top export in 2017, worth $63.1 billion, an increase of 17.4 per cent from 2016. Coal was second, worth $57.1 billion, up 35.2 per cent from 2016, and education-related travel services were our third largest export, rising to $30.3 billion, an increase of 17.3 per cent.
China was again Australia's top trading partner, a position it has held since 2009, with two-way trade valued at $183.4 billion in 2017. Japan overtook the United States to become Australia’s second largest trading partner at $71.9 billion, with the United States the third largest partner at $68.5 billion.
Australia’s record trade comes as the Turnbull Government pursues the country’s most ambitious trade agenda. The Coalition has concluded or updated seven trade agreements since 2013 and we are working to secure more.
The Turnbull Government has just launched negotiations for a free trade agreement with the European Union as negotiations continue with Indonesia, Hong Kong and the Regional Comprehensive Economic Partnership (RCEP) 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 Turnbull Government’s plan for a stronger economy. The more Australian businesses sell to the world, the more Australian jobs created.
Composition of Trade, Australia 2017 is available here.
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