Australia's trade reaches new high

Australia'stotal trade in goods and services reached a record $763.2 billion in 2017,up 11 per cent from 2016, driving economic growth and creating new jobs.

Thesnapshot of Australia's trade is revealed in Composition of Trade,Australia 2017 released today.

Thereport finds the value of Australia's goods and services exports rose14.8 per cent to $386.7 billion in 2017. This growth was driven byrising exports of minerals and fuels, rural goods, services and manufactureditems.

Ironores and concentrates were Australia's top export in 2017, worth$63.1 billion, an increase of 17.4 per cent from 2016. Coal wassecond, worth $57.1 billion, up 35.2 per cent from 2016, andeducation-related travel services were our third largest export, rising to$30.3 billion, an increase of 17.3 per cent.

Chinawas again Australia's top trading partner, a position it has held since 2009,with two-way trade valued at $183.4 billion in 2017. Japan overtook the UnitedStates to become Australia's second largest trading partner at$71.9 billion, with the United States the third largest partner at$68.5 billion.

Australia'srecord trade comes as the Turnbull Government pursues the country's mostambitious trade agenda. The Coalition has concluded or updated seven tradeagreements since 2013 and we are working to secure more.

TheTurnbull Government has just launched negotiations for a free tradeagreement with the European Union as negotiations continue with Indonesia, HongKong and the Regional Comprehensive Economic Partnership (RCEP) and PacificAlliance groups.

Creatingnew opportunities for Australians to sell more of their goods and services tothe world through trade agreements is part of the Turnbull Government's planfor a stronger economy. The more Australian businesses sell to the world, themore Australian jobs created.

Compositionof Trade, Australia 2017 is available at http://dfat.gov.au/about-us/publications/Pages/composition-of-trade.aspx.