Australian exports to China exceed 100b AUD in 2013

Australia's exports to China, its biggest trading partner, has exceeded 100 billion AU dollars (92.3 billion U.S. dollars) in 2013, Minister for Trade and Investment Andrew Robb announced Wednesday.

Robb quoted data released by the Australian Bureau of Statistics (ABS) as saying that the new trade and services data highlighting the importance of China as Australia's major trading partner demonstrates why concluding a Free Trade Agreement (FTA) with the world's second biggest economy is a high priority of the government.

Robb said the latest data showed two significant milestones were achieved in 2013 for the first time: Australia's goods and services exports to China exceeded 100 billion AU dollar barrier, and Australia's two-way trade in goods and services with China surpassed 150 billion (138.4 billion U.S. dollars).

Australia's exports to China were valued at 102 billion (94.1 billion U.S. dollars) in 2013, an increase of 22 billion (20.3 billion U.S. dollars) or 28 percent on 2012.

China accounted for almost a third of Australia's total goods and services exports. Japan was Australia's second largest export market in 2013 with 50 billion (46 billion U.S. dollars) followed by South Korea's 21 billion (19.4 billion U.S. dollars), the United States's 16 billion (14.7 billion U.S. dollars) and India's 11 billion (10 billion U.S. dollars). "The (Tony) Abbott Government's successful conclusion of new bilateral trade agreements with both South Korea and Japan and commitment to also quickly finalise an FTA with China, can help drive these trade and investment relationship to a new level.

Australia's two-way trade in goods and services with China was valued at 151 billion (139 billion U.S. dollars), up 20 percent on 2012.

China accounted for almost one quarter of Australia's total trade.

China was also Australia's largest import source in 2013 with 49 billion (45.2 billion U.S. dollars), up 6 percent on 2012, accounting for 15 percent of total imports.

The ABS services trade release showed the United States was Australia's largest two-way services trading partner with 18 billion (16.6 billion U.S. dollars) in 2013, followed by Britain 10 billion (9.23 billion) and China's 9 billion (8.3 billion U.S. dollars).

China was Australia's major services export market for services with 7 billion (6.46 billion U.S. dollars) in 2013, up 9 percent, mainly driven by travel services.

The United States was Australia's major import source for services with 12 billion (11 billion U.S. dollars) in 2013, up 14 percent.