The Department of Foreign Affairs & Trade’s Composition of Trade report for 2016 includes a useful summary of Australia’s top two-way trading partners.
The figures account for both goods & services, and reinforce the importance and strength of Australia’s trade relationship with China.
The total value of Australian imports and exports to and from China is more than double that of the US, our next biggest trading partner.
At $155 billion, China alone made up for almost a quarter of Australia’s total international trade in 2016 as measured by dollar value.
Here’s the Top 15:
The numbers show that of Australia’s top 5 trading partners, China and the UK are the only two countries for which two-way trade has increased in each of the last three years.
Despite India’s size and proximity to Australia, it only ranks 9th on the list with two-way trade transactions totalling $20.7 billion.
The figures show some interesting trends in Australian trade practices, as total two-way trade with the UK shot up by 25% last year.
Looking at Australia’s top 15 trading partners broken down by exports only, it’s no surprise that China tops the list:
At $93 billion, exports to China are more than double our next biggest export market and are a slight increase on the 2015 total.
It shows that despite the end of Australia mining boom, China is still by far the biggest customer for Australian commodities – as evidenced by the fact that almost two-thirds of Australia’s exports in 2016 were from the resources sector.
As a mark of how intertwined the two economies are, China also tops the list of Australia’s trading partners from whom we import the most goods & services:
The US is our second biggest source of imports, with a total value of $43.6 billion in 2016. That’s more than double the dollar value of Australian exports the other way, which shows we have an import-heavy trade relationship with the US.
Overall the total value of Australia’s two-way trade rose by $4.4 billion in 2016, as exports increased by $14.6 billion in 2016 offset by a fall in imports of $10.2 billion.