about Australia fast facts about trade Australia s trade in 2007 Australia s trade in goods and services totalled $454.3 billion. Australia s trade accounted for about 1 per cent of world trade. Our largest merchandise trading partners were China, Japan, the United States and the Republic of Korea. Exports in 2007 Australian goods and services exports were valued at $217.5 billion. Australia s top five merchandise export markets were Japan ($31.8 billion), China ($23.6 billion), Republic of Korea ($13.5 billion), United States ($10 billion) and New Zealand ($9.5 billion). Merchandise exports to China increased by 15.8 per cent and to Malaysia by 12.4 per cent. Australia s largest individual merchandise export items were coal ($21 billion), iron ore ($16 billion) and non-monetary gold ($11 billion). Service exports reached $48 billion 22 per cent of total exports led by education services. Australia s exports of elaborately transformed manufactures, or ETMs, rose by 8 per cent to $30 billion. Imports in 2007 Imports of primary products were valued at $36 billion, imports of manufactures at $145 billion and imports of services at $46 billion. China was Australia s largest source of merchandise imports (valued at $29 billion or 15.5 per cent of the total), followed by the United States ($23.7 billion) and Japan ($18 billion). Major merchandise and service exports were coal, iron ore, education services, personal travel, gold, crude petroleum, aluminium ores, aluminium, professional and technical services, natural gas, other ores, beef, and passenger transportation services. Australia s largest import items were crude petroleum (valued at $15 billion) and passenger motor vehicles ($14 billion). Merchandise exports to the Asia Pacific region were valued at $120 billion; to North Asia, $78 billion; to the European Union, $19 billion; and to North America, $12 billion. Sydney, New South Wales BridgeClimb was the first tourism operator on a bridge anywhere in the world when the company opened in 1998. BridgeClimb has guided over 1.9 million overseas tourists and Creative Australian exporters some examples Department of Foreign Affairs and Trade about Australia fact sheet series
about Australia fast facts about trade 2/4 domestic visitors on a climb of the Sydney Harbour Bridge and won a 2007 Australian Export Award. Melbourne, Victoria Securency International Pty Ltd is the recognised world leader in security polymer substrate technology and security substrates supplies. Its expertise is used around the globe for the printing of banknotes and other security documents such as driver s licences, ID cards and share certificates and exports. Adelaide, South Australia Neuro Vision Technology Pty Ltd produces a unique scanning device to detect and diagnose neurological vision loss. The device is used by the US Department of Veterans Affairs to help injured soldiers returning from Iraq and Afghanistan. Armidale, New South Wales AllStock specialises in ovine genetics and has provided artificial breeding services to Canada, China, France, Indonesia, New Zealand, Russia, South Africa and the United Kingdom. AllStock is negotiating to train veterinarians in India in artificial insemination techniques, semen collection and frozen embryo work. Hobart, Tasmania Roaring 40s Renewable Energy Pty Ltd has signed a joint development agreement with one of China s largest energy generators, the China Datang Corporation, to build what will be one of the world s biggest on-shore wind farms a 1000 megawatt facility in Jilin Province. Darwin, Northern Territory Porosus Pty Ltd farms saltwater crocodiles and produces some of the finest quality crocodile skins in the world. In 2007 Porosus sent 8000 first-grade skins to France to be made into exclusive accessories for leading fashion houses. Australia s trade policy Australia pursues a comprehensive and ambitious trade agenda to improve international market conditions for its exporters. The federal government s top trade priority remains multilateral trade reform through the Doha Round of negotiations in the World Trade Organization (WTO). A successful outcome to these negotiations offers the greatest opportunity for Australian businesses to increase their access to overseas markets. As well as supporting the WTO multilateral trade negotiations, Australia: works closely with our Asia Pacific Economic Cooperation (APEC) partners to enhance economic cooperation and encourage liberalisation within our region seeks to build strategic partnerships through free trade agreements with key trading partners or other mutual agreements for trade facilitation and cooperation. World Trade Organization The WTO provides a rules-based system to manage international trade and resolve disputes between trading partners. The Doha Round of international trade negotiations offers great potential for expanding markets for our world-class farmers, manufacturers, miners and service providers. Department of Foreign Affairs and Trade about Australia fact sheet series
about Australia fast facts about trade 3/4 Successful negotiations will mean: more-open overseas markets for Australian goods and services tougher constraints on subsidies and protectionist practices that distort trade flows. The Australian Bureau of Agricultural and Resource Economics estimates that a successful outcome to the Doha Round could increase Australia s agricultural exports by 3 to 15 per cent, worth well over $1 billion a year to farmers. Asia Pacific Economic Cooperation APEC promotes trade and investment liberalisation, business facilitation and economic and technical cooperation among its 21 members. Membership of APEC expands Australia s economic opportunities and provides tremendous potential to create jobs and income. Australian business has access to over 2.7 billion consumers in the 21 APEC member economies. APEC s member economies account for nearly half of the world s trade, 55 per cent of global GDP and 68 per cent of Australia s total trade. Australia s trade in goods and services with APEC members has increased by 7.6 per cent since 1989 to reach $301 billion in 2006 07. Free trade agreements Free trade agreements that are comprehensive in scope and coverage generate new trade and investment opportunities for Australia. The Closer Economic Relations Trade Agreement between Australia and New Zealand has delivered an increase of over 600 per cent in total trade in goods since it came into force in 1983. Bilateral trade was valued at $15 billion in 2006 07. The Singapore Australia Free Trade Agreement entered into force in July 2003. It offers practical trade and investment benefits for Australia in the professional, financial and education services sectors. In the three years to 2006 07, Australia s services exports to Singapore increased by 36 per cent to $3 billion in 2006 07. The Thailand Australia Free Trade Agreement came into force in January 2005. As a result, more than three-quarters of current Australian exports receive tarifffree access to the Thai market. Two-way trade grew to $13.7 billion in 2006 07, up from $3.75 billion in 2003 04. Australian exports to Thailand rose from $3.1 billion to $5 billion over the same period. The Australia United States Free Trade Agreement, which came into force in January 2005, aims to boost Australia s trade relationship with the world s largest and most dynamic economy. In 2006 07, the United States was Australia s thirdlargest two-way trading partner and third largest export market (including services). Two-way goods and services trade grew by 8 per cent to over $48 billion in 2006 07. The Australian Government is engaged in negotiations with China, Malaysia, Japan, Chile, the Gulf Cooperation Council and, together with New Zealand, ASEAN (the Department of Foreign Affairs and Trade about Australia fact sheet series
about Australia fast facts about trade 4/4 Association of Southeast Asian Nations). Feasibility studies are under way on free trade agreements with Indonesia, India and the Republic of Korea. The government s trade priorities in 2008 The government s trade policy focus in 2008 will be on achieving a successful outcome to the current Doha Round of WTO negotiations. The government will also review Australia s existing free trade agreements to determine how well their performance has met expectations. Australia s trade policies and programs will also be reviewed with the aim of ensuring that Australian businesses are able to meet the challenges of an increasingly competitive global market. Note: Unless otherwise stated, all dollars amounts are in Australian dollars. The term billion means a thousand millions (one billion therefore equals 1,000,000,000); the term trillion means a million millions (one trillion therefore equals 1,000,000,000,000). Last updated April 2008 Satellite imagery Commonwealth of Australia, Geoscience Australia, ACRES. Western Australia coastline. Department of Foreign Affairs and Trade about Australia fact sheet series
CHINA Fact Sheet General information: Fact sheets are updated biannually; May and September Capital: Beijing Head of State: Surface area: 9,561 thousand sq km President HE Mr Hu Jintao Official language: Mandarin Population: 1,321.1 million (2007) Head of Government: Exchange rate: A$1 = 6.5814 Yuan (Jul 2008) Premier of the State Council HE Mr Wen Jiabao Recent economic indicators: 2003 2004 2005 2006 2007(a) 2008(b) GDP (US$bn) (current prices): 1,641.0 1,931.6 2,235.8 2,657.8 3,280.2 4,222.4 GDP PPP (US$bn) (c): 4,157.8 4,697.9 5,314.4 6,121.9 7,034.8 7,890.3 GDP per capita (US$): 1,270 1,486 1,710 2,022 2,483 3,180 GDP per capita PPP (US$) (c): 3,217 3,614 4,064 4,657 5,325 5,943 Real GDP growth (% change YOY): 10.0 10.1 10.4 11.6 13.0 9.0 Current account balance (US$m): 45,875 68,659 160,818 249,866 371,833 399,325 Current account balance (% GDP): 2.8 3.6 7.2 9.4 11.3 9.5 Goods & services exports (% GDP): 29.6 34.0 37.4 38.3 41.3 39.1 Inflation (% change YOY): 2.7 3.2 1.4 2.0 6.6 4.5 Australia's merchandise trade with China Real GDP growth Australia's merchandise exports to China A$m 40,000 % 15 A$m 2002-03 25,000 2007-08 30,000 Imports 12 9 6 15,000 Exports 3 5,000 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 0 2003 2004 2005 2006 2007 2008 Primary STM ETM Other Australia's trade relationship with China (d): Australian merchandise trade with China, 2007-08: Total share: Rank: Growth (yoy): Exports to China (A$m): 26,927 14.9% 2nd 18.1% Imports from China (A$m): 30,995 15.3% 1st 14.2% Total trade (exports + imports) (A$m): 57,922 15.1% 1st 16.0% Major Australian exports, 2007-08* (A$m): Major Australian imports, 2007-08 (A$m): Iron ore & concentrates 12,420 Clothing 3,521 Wool & other animal hair (incl tops) 1,487 Telecom equipment & parts 2,606 Copper ores & concentrates 1,169 Computers 2,530 Manganese ores & concentrates 854 Prams, toys, games & sporting goods 1,632 *Includes $3.8bn of confidential items, mainly alumina, wheat & sugar, 14% of total exports. Australia's trade in services with China, 2007-08: Total share: Exports of services to China (A$m): 4,433 8.6% Imports of services from China (A$m): 1,398 2.8% Major Australian service exports, 2007-08 (A$m): Major Australian service imports, 2007-08 (A$m): Education-related travel 3,107 Personal travel excl. education 480 Personal travel excl. education 613 Transportation 448 China's global merchandise trade relationships: China's principal export destinations, 2007: China's principal import sources, 2007: 1 United States 19.1% 1 Japan 14.0% 2 Hong Kong, SAR 15.1% 2 Republic of Korea 10.9% 3 Japan 8.4% 3 Taiwan 10.6% 15 Australia 1.5% 7 Australia 2.7% Compiled by the Market Information and Analysis Section, DFAT, using the latest data from the ABS, the IMF and various international sources. (a) All recent data subject to revision; (b) IMF forecast; (c) PPP is purchasing power parity; (d) Total may not add due to rounding.
INDIA Fact Sheet General information: Fact sheets are updated biannually; May and September Capital: New Delhi Head of State: Surface area: 3,287 thousand sq km President HE Mrs Pratibha Devisingh Patil Official languages: Hindi, English Population: 1,169.0 million (2007) Head of Government: Exchange rate: A$1 = 41.2329 Rupees (Jul 2008) Prime Minister The Hon Dr Manmohan Singh Recent economic indicators: 2003 2004 2005 2006 2007(a) 2008(b) GDP (US$bn) (current prices) (c): 573.2 669.4 783.1 877.8 1,100.7 1,237.4 GDP PPP (US$bn) (d): 1,876.6 2,096.2 2,354.4 2,668.8 2,996.6 3,305.4 GDP per capita (US$): 521 599 690 762 942 1,043 GDP per capita PPP (US$) (d): 1,707 1,877 2,075 2,317 2,563 2,787 Real GDP growth (% change YOY) (c): 6.9 7.9 9.1 9.8 9.3 7.3 Current account balance (US$m): 8,773 781-10,285-9,800-15,494-34,580 Current account balance (% GDP): 1.5 0.1-1.3-1.1-1.4-2.8 Goods & services exports (% GDP): 14.8 17.4 20.2 22.7 21.3 24.5 Inflation (% change YOY): 2.9 4.6 5.3 6.7 5.5 9.2 Australia's merchandise trade with India Real GDP growth Australia's merchandise exports to India A$m 12,000 % 12 A$m 2002-03 6,000 2007-08 10 5,000 8,000 Exports 8 4,000 6,000 6 3,000 4,000 2,000 Imports 4 2 2,000 1,000 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 0 2003 2004 2005 2006 2007 2008 Primary STM ETM Other Australia's trade relationship with India (e): Australian merchandise trade with India, 2007-08: Total share: Rank: Growth (yoy): Exports to India (A$m): 9,329 5.2% 6th -7.7% Imports from India (A$m): 1,606 0.8% 24th 22.2% Total trade (exports + imports) (A$m): 10,935 2.9% 11th -4.2% Major Australian exports, 2007-08 (A$m): Major Australian imports, 2007-08 (A$m): Gold 4,022 Rotating electric plant & parts 154 Coal 2,709 Pearls & gems 107 Copper ores & concentrates 1,005 Jewellery 67 Crude petroleum 177 Made-up textile articles 53 Australia's trade in services with India, 2007-08: Total share: Exports of services to India (A$m): 2,524 4.9% Imports of services from India (A$m): 488 1.0% Major Australian service exports, 2007-08 (A$m): Major Australian service imports, 2007-08 (A$m): Education-related travel 2,004 Personal travel excl education 278 Personal travel excl education 184 Computer & information services 73 India's global merchandise trade relationships: India's principal export destinations, 2007: India's principal import sources, 2007: 1 United States 13.7% 1 China 11.4% 2 United Arab Emirates 9.8% 2 Saudi Arabia 7.7% 3 China 6.4% 3 United States 5.8% 33 Australia 0.7% 8 Australia 3.4% Compiled by the Market Information and Analysis Section, DFAT, using the latest data from the ABS, the IMF and various international sources. (a) All recent data subject to revision; (b) IMF/EIU forecast; (c) Year beginning April 1st; (d) PPP is purchasing power parity; (e) Total may not add due to rounding.
JAPAN Fact Sheet General information: Fact sheets are updated biannually; May and September Capital: Tokyo Head of State: Surface area: 378 thousand sq km HM Emperor Akihito Official language: Japanese Population: 127.7 million (2008) Head of Government: Exchange rate: A$1 = 60.0214 Yen (Feb 2009) Prime Minister HE Mr Taro Aso Recent economic indicators: 2004 2005 2006 2007 2008(a) 2009(b) GDP (US$bn) (current prices): 4,608.1 4,560.7 4,363.6 4,384.4 4,923.8 4,992.8 GDP PPP (US$bn) (c): 3,666.3 3,872.8 4,079.1 4,289.2 4,354.4 4,122.5 GDP per capita (US$): 36,076 35,699 34,159 34,318 38,559 39,116 GDP per capita PPP (US$) (c): 28,703 30,315 31,932 33,573 34,100 32,298 Real GDP growth (% change yoy): 2.7 1.9 2.0 2.4-0.6-6.2 Current account balance (US$m): 172,070 165,690 170,437 210,967 157,079 76,363 Current account balance (% GDP): 3.7 3.6 3.9 4.8 3.2 1.5 Goods & services exports (% GDP): 13.8 14.9 16.7 18.4 17.4 12.4 Inflation (% change yoy): 0.0-0.3 0.3 0.0 1.4-1.0 Australia's merchandise trade with Japan Real GDP growth Australia's merchandise exports to Japan A$m 60,000 40,000 Exports % 4 2 0-2 A$m 2003 40,000 2008 30,000 Imports -4-6 2003 2004 2005 2006 2007 2008-8 2004 2005 2006 2007 2008 2009 Primary STM ETM Other Australia's trade relationship with Japan (d): Australian merchandise trade with Japan, 2008: Total share: Rank: Growth (yoy): Exports to Japan (A$m): 50,567 22.7% 1st 58.4% Imports from Japan (A$m): 20,238 9.0% 3rd 12.1% Total trade (exports + imports) (A$m): 70,804 15.8% 1st 41.7% Major Australian exports, 2008* (A$m): Major Australian imports, 2008 (A$m): Coal 20,322 Passenger motor vehicles 6,839 Iron ore & concentrates 7,384 Goods vehicles 1,681 Beef 2,060 Refined petroleum 1,409 Aluminium 2,019 Civil engineering equipment & parts 932 *Includes A$9.6bn of confidential items, mainly LNG, nickel, wheat & sugar, 19% of total exports. Australia's trade in services with Japan, 2007-08: Total share: Exports of services to Japan (A$m): 2,498 4.9% Imports of services from Japan (A$m): 2,467 4.9% Major Australian service exports, 2007-08 (A$m): Major Australian service imports, 2007-08 (A$m): Personal travel excl. education 997 Transportation 1,242 Transportation 764 Personal travel excl. education 287 Japan's global merchandise trade relationships: Japan's principal export destinations, 2008: Japan's principal import sources, 2008: 1 United States 17.6% 1 China 18.9% 2 China 16.0% 2 United States 10.2% 3 Republic of Korea 7.6% 3 Saudi Arabia 6.7% 10 Australia 2.2% 4 Australia 6.2% Compiled by the Market Information and Analysis Section, DFAT, using the latest data from the ABS, the IMF and various international sources. (a) All recent data subject to revision; (b) IMF/EIU forecast; (c) PPP is purchasing power parity; (d) Total may not add due to rounding.
UNITED STATES Fact Sheet General information: Fact sheets are updated biannually; May and September Capital Washington D.C. Head of State and Head of Government: Surface area: 9,364 thousand sq km President The Hon Barack H Obama Official language: English Population: 304.4 million (2008) Exchange rate: A$1 = US$0.6489 (Feb 2009) Recent economic indicators: 2004 2005 2006 2007 2008(a) 2009(b) GDP (US$bn) (current prices): 11,685.9 12,421.9 13,178.4 13,807.6 14,264.6 14,002.7 GDP PPP (US$bn) (c): 11,685.9 12,421.9 13,178.4 13,807.6 14,264.6 14,002.7 GDP per capita (US$): 39,852 41,977 44,119 45,778 46,859 45,550 GDP per capita PPP (US$) (c): 39,852 41,977 44,119 45,778 46,859 45,550 Real GDP growth (% change yoy): 3.6 2.9 2.8 2.0 1.1-2.8 Current account balance (US$m): -624,999-728,994-788,115-731,214-673,266-393,250 Current account balance (% GDP): -5.3-5.9-6.0-5.3-4.7-2.8 Goods & services exports (% GDP): 9.9 10.3 11.1 11.9 13.0 11.1 Inflation (% change yoy): 2.7 3.4 3.2 2.9 3.8-0.9 Australia's merchandise trade with the United States Real GDP growth Australia's merchandise exports to the United States A$m % A$m 2003 30,000 6 6,000 2008 25,000 15,000 5,000 Exports Imports 4 2 0-2 5,000 4,000 3,000 2,000 1,000 2003 2004 2005 2006 2007 2008-4 2004 2005 2006 2007 2008 2009 Primary STM ETM Other Australia's trade relationship with the United States (d): Australian merchandise trade with the United States, 2008: Total share: Rank: Growth (yoy): Exports to the United States (A$m): 12,134 5.5% 5th 20.9% Imports from the United States (A$m) (e): 26,696 11.8% 2nd 12.9% Total trade (exports + imports) (A$m): 38,831 8.7% 3rd 15.3% Major Australian exports, 2008* (A$m): Major Australian imports, 2008 (A$m) (e): Crude petroleum 1,293 Aircraft, spacecraft & parts 2,204 Beef 1,046 Civil engineering equipment & parts 1,317 Passenger motor vehicles 1,043 Measuring & analysing instruments 1,007 Alcoholic beverages 688 Passenger motor vehicles 985 *Includes $1.5bn of confidential items, mainly alumina, 12% of total exports. Australia's trade in services with the United States, 2007-08: Total share: Exports of services to the United States (A$m): 5,871 11.4% Imports of services from the United States (A$m): 8,871 17.8% Major Australian service exports, 2007-08 (A$m): Major Australian service imports, 2007-08 (A$m): Business & professional 1,815 Business & professional 1,862 Transportation 878 Royalties & license fees 1,846 United States' global merchandise trade relationships: United States' principal export destinations, 2008: United States' principal import sources, 2008: 1 Canada 20.1% 1 China 16.1% 2 Mexico 11.7% 2 Canada 16.0% 3 China 5.5% 3 Mexico 10.3% 14 Australia 1.7% 33 Australia 0.5% Compiled by the Market Information and Research Section, DFAT, using the latest data from the ABS, the IMF and various international sources. (a) All recent data subject to revision; (b) IMF forecast; (c) PPP is purchasing power parity; (d) Total may not add due to rounding; (e) Excludes imports of large aircraft after September 2008.