The benefit to each Australian household of trade with China is now worth about $16,985, a five-fold increase since 2009.
The latest Australia-China Trade Report, commissioned by the Australia China Business Council and sponsored by the NAB, says Australia-China trade by household grew by 17% in 2013 alone.
Trade with Australia’s traditional partners is declining. The amount of two-way trade, per household, fell 3% for Japan to $7,958 and 5% with the US to $6,149.
The contribution of direct trade with China to Australian GDP was more than 5.5% in 2011, reaching $74.213 billion.
This means that trade with China contributed twice as much to Australian GDP as did agriculture, forestry and fishing combined.
Australia China Business Council president John Brumby says agricultural and food exports from Australia to China have risen dramatically since 2009.
â€œChina is now the largest market for Australian agricultural and food products,” he says. “Chinese demand for premium and high quality Australian food products, such as beef and other meats, has increased dramatically in the last two years.”
In 2013, Australian beef to China increased nearly four times, oil seeds five times, and other meat exports doubled.