AUSTRALIA’S trade in goods and services was worth a record $673bn last year, according to the Composition of Trade, Australia 2016 report recently released by the Department of Foreign Affairs and Trade.
Exports rose 5% to $330bn, with iron ores and concentrates and coal combined accounting for 29% of the total value of exports.
It comes as no surprise China was Australia’s top trading partner over 2016, a position it has held since 2009.
Last year, two-way trade with China was valued at $155, or 23% of the total value of Australia’s trade.
The US came in second, with two-way trade worth $64bn, followed by Japan at $61bn.