Charts: World Trade Has Reached Pre-GFC Levels And Australia Has More Free Trade Partners Than Ever

Top picture: Faraways /

More goods and services were traded across international lines last year than before the GFC, after a sharp, severe fall during the 2008 crisis.

According to a report released by the Productivity Commission today, global trade has recovered past pre-GFC levels, as nations ease up on temporary “protectionist” measures.

The Commission reported that Australia had forged a large number of preferential trade agreements in the past decade, involving Singapore, Thailand, the US, Chile, ASEAN, New Zealand and Malaysia.

Australia now has 7 free trade agreements with countries that account for what the Department of Foreign Affairs and Trade estimates to be 28% of Australia’s total trade.

DFAT is also engaged in 9 other FTA negotiations with China, Japan, Korea, India, Indonesia, as well as TPP, GCC, PACER Plus and RCEP partners. Those agreements will potentially account for a further 45% of Australia’s trade.

There has been a huge increase in the number of free trade agreements within the Asia Pacific region since 1990, when there were only 5 agreements in force in the region, accounting for 20% of agreements worldwide.

The Productivity Commission reported that there were 20 APAC agreements in force in 2000, and 150 by the end of 2012, accounting for morethan 40% of global agreements.

Now read: Australia Records A $28m Trade Surplus In April, Far Below Analysts’ Estimates

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