Australia’s Export, Import & Trade
In 2009, China became Australia's largest export market, surpassing Japan.
Resources continue to underpin Australia’s exports to China.
Australia exported 266.2 million tonnes of iron ore to China in 2009, an
increase of 45.2 per cent over the same period.
China is also Australia’s largest source of imports. Major imports
from China include clothing, communications equipment, computers, prams,
toys, games and sporting goods, furniture and televisions.
The vast scale of trade with China has seen massive investments by Chinese companies in Australia. From 2007 to 2010, Chinese investment in Australia amounted to nearly US$60 billion.
Australia’s mineral exports also grew by 55 percent to US$139 billion
in 2010 and are projected to reach US$180 billion in 2011, thanks to
China’s strong economic performance. Chinese companies have also started
to lease land from the Australian government to mine resources on their
own.
Along with their relationship with China, Australia holds multiple
free trade agreements with numerous other countries such as the US,
Singapore, Chile and Thailand. Australia is also a member of numerous
organisations such as APEC, the G20, WTO and OECD.
However, Australia’s most notable trade partner is New Zealand. The
Australia New Zealand Closer Economic Relations Trade Agreement
(ANZCERTA) was enforced in 1983, building upon the 1965 New Zealand
Australia Free Trade Agreement (NAFTA, not to be mistaken for the North
American Free Trade Agreement). The ANZCERTA has greatly
integrated both economies and there are now plans to create a single
Australasian economic market by 2015.
Today, Australia is ranked 19th in the world for both imports and exports.
Find out more Australia's Export, Import and Trade on Economywatch.com
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