Tourism drives Australia’s trade in services

Australian Minister for Trade, Tourism and Investment, the Hon Steven Ciobo MP,  says that Tourism drives Australia’s trade in services.

Some amazing statistics:

• Tourism accounted for half of all services exports in 2015-16 with short-term visitor arrivals increasing to 7.8 million.
• New Zealand, China and the United Kingdom were the largest sources of international visitors.
• International visitors collectively consumed $34.2 billion worth of goods and services in Australia, with Chinese visitors the largest spenders at $8,405 per capita.
• Education exports increased 8.3 per cent to $20.3 billion of which the largest component, education-related travel services, rose 9.4 per cent to $19.9 billion.
• Exports of business services rose 8.2 per cent to $18.7 billion, with telecommunications, computer & information services increasing 13.9 per cent to $3.3 billion and technical and other business services rising 13.1 per cent to $3.8 billion.
• The United States remained Australia’s largest two-way services partner in 2015-16, accounting for 15.8 per cent of total services trade (valued at $23.0 billion), followed by China and the United Kingdom.
• Australia’s top services export market was China, up 21.3 per cent to $10.7 billion, followed by the United States, up 14.5 per cent to $8.2 billion, and the United Kingdom, up nearly 1 per cent to $4.9 billion.

More here; http://trademinister.gov.au/releases/Pages/2017/sc_mr_170321.aspx

CHAFTA revisited

On 24 March 2017, Minister Ciobo signed an agreement with China’s Commerce Minister Zhong Shan that will drive greater economic cooperation and greater trade and investment between our two countries.

CHAFTA has already delivered benefits after only one year. The obvious outcomes are:

• Wine sales were up 38 per cent to $470 million.
• Skin care products by 82 per cent.
• Value of fresh lobster exports quadrupled (400% increase)
• Increase in exports
• Creation of new jobs

China’s growing middle class and their increasing demand for the high quality goods and services that Australia offers, will continue to drive the growth of the Australian economy and creation of new jobs.

More here: http://trademinister.gov.au/releases/Pages/2017/sc_mr_170324a.aspx

Australia’s top two way goods and services trading partners

Australians have been taking  advantage of its position in Asia, as evidenced by the amount of  two way trade  occuring in Asian countries.

According to DFAT, China is the top two way goods and services trading partner for Australia., amounting to more than $150 Billion in 2015-2016.

China is the top of Australia’s export market as well as Australia’s import source

More here: http://dfat.gov.au/about-us/publications/trade-investment/australias-trade-in-goods-and-services/Documents/fy-2015-16-goods-services-top-15-partners.pdf

Source: DFAT February 2017