THE value of goods and services exports from Australia has reached a record high of $401bn over the 2017-18 financial year – the first time exports were worth more than $400bn.
Recently published data from the Australian Bureau of Statistics also showed Australia’s annual trade surplus was $6.3bn over the period.
A statement from trade minister Steven Ciobo said the record exports were fuelled by increased resources exports, including LNG, coal and iron ore, while meat and wool exports also rose.
“Importantly the data reveals Australian exports to China, our largest trading partner, grew by 11% in 2017-18, exceeding the $100bn mark for the first time to reach $105bn, reflecting the benefits provided by the China-Australia Free Trade Agreement,” Mr Ciobo said.
“Australia’s exports to Japan rose by 16.4% to $48.2bn over 2017-18; exports to ASEAN countries grew by 16.1% to $32.7bn and exports to India grew 7% to $16.1bn.”