The value of Australia’s exports continued to grow strongly in 2016-17, underpinned by strong outcomes in both goods and services.
These strong export outcomes underpinned Australia’s $12.4 billion trade surplus in 2016-17, a $49.1 billion turnaround from the $36.7 billion deficit a year prior according to data released by the Australian Bureau of Statistics.
The result reflects the Turnbull Government’s commitment to free trade, which continues to underpin Australia’s enviable economic prosperity and high standard of living.
The increase in the exports of goods in 2016-17 was primarily driven by resources, including coal (up $19.7 billion or 57.1 per cent), metal ores and minerals (up $16.2 billion or 23.4 per cent), and oil and gas (up $6.1 billion or 26.7 per cent). Exports of rural goods also rose firmly (up $3.4 billion or 7.9 per cent).
Given Australia’s pre-eminent reputation as a destination for international tourists and students, services exports continued to rise steadily through 2016-17, increasing by $5.3 billion or 7.8 per cent for the year.
China, Japan and Korea all remained major export destinations for Australian goods and services in 2016-17. The free trade agreements the Coalition delivered with these three countries will continue to deliver tangible benefits for Australians for many years to come.
- Trade Minister's Office: (02) 6277 7420
- DFAT Media Liaison: (02) 6261 1555