(AFP) – Nov 29, 2009
SYDNEY — Asian powerhouse China is Australia's biggest trading partner, while exports to India have also soared in the past year, official figures released Monday showed.
Two-way trade with China jumped to 83 billion dollars (76.1 billion US) in 2008-09 on the back of increased iron ore and coal exports and China's status as the number one source of Australia's imports.
Japan was Australia's second trading partner with deals worth 75.3 billion dollars, followed by the United States with 53.1 billion dollars, the Department of Foreign Affairs and Trade (DFAT) said.
Japan, currently Australia's largest export market, was its biggest trading partner in the 2008 calendar year while China took the mantle in the 12 months from July 2007 to June 2008.
India, increasingly a destination for Australian coal, gold and aluminium, became the nation's fourth largest export market, up from seventh position in 2007-08.
The DFAT found that despite the financial crisis, Australia's total value of trade in goods and services increased 14.6 percent in 2008-09 to 563.7 billion dollars while exports increased 21.9 percent to 284.7 billion dollars.
"Despite the adverse impact of the global economic crisis on world trade, Australia exports rose 1.8 percent in volume terms in 2008-09, while imports fell by 2.5 percent," the department said in a statement.
Coal, iron ore and concentrates, and gold were Australia's top three exports contributing some 54.8 billion dollars, 34.2 billion dollars and 17.5 billion dollars respectively.
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