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Australia's Composition of Trade 2007-08



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Media enquiries: Joseph Kerr DFAT Media Liaison 02 6261 1555 www.dfat.gov.au

Australian Government _____________________________________________________________________________

Department of Foreign Affairs and Trade

MEDIA RELEASE

D21 25 November 2008

AUSTRALIA’S COMPOSITION OF TRADE 2007-08

Australia’s total value of trade in goods and services increased 10 per cent in financial year 2007-08 to $489 billion, according to a Department of Foreign Affairs and Trade publication Composition of Trade Australia 2007-08 released today. In volume terms, total trade rose 8 per cent.

In 2007-08:

• Exports increased by 9 per cent in value terms to $234 billion and 4 per cent in volume terms. Strong growth was recorded for exports of coal (up 14 per cent to $25 billion), iron ore (up 37 per cent to $21 billion), education services (up 23 per cent to $14 billion) and gold (up 14 per cent to $12 billion).

• Imports increased by 12 per cent in value terms to $255 billion and 12 per cent in volume terms. Growth was recorded for both crude and refined petroleum (up 28 per cent to $17 billion and up 58 per cent to $12 billion respectively) and passenger motor vehicles (up 14 per cent to $15 billion).

• Australia’s terms of trade increased by a further 6 per cent in 2007-08, reflecting a 5 per cent rise in export prices and a 1 per cent fall in import prices.

• China was Australia’s largest two-way trading partner in 2007-08, accounting for 13 per cent ($64 billion) of total trade. Japan was our second largest trading partner ($60 billion), followed by the United States ($50 billion).

• Japan remained Australia’s largest export market ($37 billion) with the United States the largest source of imports ($33 billion).

Composition of Trade Australia 2007-08 (COT) analyses the growth, direction and commodity breakdown of Australia's merchandise exports and imports in recent years. The services trade over a five year period is assessed.

The COT is part of a series published each year by DFAT, which also offers a customised consultancy service, producing reports tailored to specific requirements. For further information please contact (02) 6261 3114, or fax (02) 6261 3321 or email statssection@dfat.gov.au.

The analyses and tables from the publications are placed on the DFAT website at

http://www.dfat.gov.au/publications/stats.html. Hard copy orders can also be placed at this site.