Trade
Australia is a country open for international trade. It has low barriers to trade and investment. Australia carries trade with all countries in the world regardless of the distance (e.g. volume of trade with Germany reaches 5 bln USD annually).
Trade has always been an essential component of the prosperity in Australia. Solid infrastructure, stable institutions, flexible and skilled workforce and rich natural resources are all hallmarks of its trade success.
A leading role in the geographical structure of trade turnover in Australia is played by countries of Asia, Europe, North America, South America and Oceania. Among economic groups, the largest share of foreign trade turnover reached APEC countries - 71.1%. The EU accounted for 17.7%, which gives the EU the first position among the trade partners of Australia understood as a single customs territory. Among individual trading partners of Australia, first place goes to China, followed by Japan and the US.
Australia’s two-way trade totalled $552.4 billion in 2010.
Resource commodities including iron ore and coal, made up 47.5 per cent of Australia’s exports. Australia’s total goods and services exports reached $284.6 billion.
Other leading exports included services such as education and tourism, manufactured goods (including pharmaceuticals) and farm produce.
Australia’s trade in goods and services grew strongly in 2010.
Australia registered a $16.8 billion trade surplus in 2010, reversing a trade deficit of $4 billion in 2009. This represents a turnaround in our trade performance of $20.8 billion.
Two-way trade in goods and services grew 10 per cent to $552.4 billion in 2010, up from $503.9 billion in 2009.
The value of Australia’s exports increased 13.9 per cent to a new record of $284.6 billion and export volumes were up 5.2 per cent in 2010. The surge was led by strong demand and firm prices for metal ores, minerals and coal.
Australia’s manufacturing exports also performed well in 2010, increasing by 4 per cent to $40.5 billion, despite a strong dollar.
These were welcome results following 2009, when global trade flows fell by 11 per cent, in volume terms, due to the global recession.
Major Australian exports, 2010 ($m) Major Australian imports, 2010 ($m)
Iron ore & concentrates 49,376 Crude petroleum 16,218
Coal 42,967 Passenger motor vehicles 15,917
Gold 15,005 Refined petroleum 9,970
Crude petroleum 10,502 Medicaments (incl veterinary) 7,896
Natural gas 9,425 Telecom equipment & parts 7,534
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