By Esmarie Swanepoel
Perth − Australia’s two-way trade with China reached record levels in 2010, driven by major exports of iron-ore and coal.
The Department of Foreign Affairs and Trade said this week that total trade had grown by 23.6% during 2010, to over A$100-billion for the first time ever.
Australia’s exports to China increased by 13.9% to A$284.6-billion, while imports rose by 5.4%, to A$267.8-billion. The federal government noted that Australia’s export volumes to China increased 5.2%, while import volumes increased 13.5%.
Japan was Australia's second largest two-way trade partner, at A$66.1-billion, followed by the US at A$49.8-billion. Japan was also Australia's second largest export market, with A$45.7-billion worth of exports, while the Republic of Korea was Australia's third largest export market, at A$22.4-billion.
Australia's top three exports were iron-ore and concentrates, reaching A$49.4-billion in 2010, up 64.3%, coal, which accounted for A$43-billion in exports, and education-related travel services, which reached A$17.7-billion.
Gold was also one of the largest export commodities, reaching A$15-billion during 2010. Despite being the fourth largest export product, gold’s volumes fell by 3.8% during the year.
The export of crude petroleum products was up by 46.4% during the year, to A$10.5-billion, while copper ore and concentrate exports were up by 32.8%, to A$5-billion. Copper export increased by 26.3%, to reach A$3.2-billion during 2010, while natural gas export was up by 23.6%, to A$9.4-billion.
The Australian Bureau of Agricultural & Resource Economics & Sciences has previously forecast the value of Australia’s commodity exports to rise by 17.8% in 2011/12, to reach some A$256-billion.
Earnings from energy and minerals exports are forecast to increase by 20% in 2011/12 to around A$218-billion, following an estimated rise of 31% to A$182-billion in 2010/11.
Australia’s exports to China increased by 13.9% to A$284.6-billion, while imports rose by 5.4%, to A$267.8-billion. The federal government noted that Australia’s export volumes to China increased 5.2%, while import volumes increased 13.5%.
Japan was Australia's second largest two-way trade partner, at A$66.1-billion, followed by the US at A$49.8-billion. Japan was also Australia's second largest export market, with A$45.7-billion worth of exports, while the Republic of Korea was Australia's third largest export market, at A$22.4-billion.
Australia's top three exports were iron-ore and concentrates, reaching A$49.4-billion in 2010, up 64.3%, coal, which accounted for A$43-billion in exports, and education-related travel services, which reached A$17.7-billion.
Gold was also one of the largest export commodities, reaching A$15-billion during 2010. Despite being the fourth largest export product, gold’s volumes fell by 3.8% during the year.
The export of crude petroleum products was up by 46.4% during the year, to A$10.5-billion, while copper ore and concentrate exports were up by 32.8%, to A$5-billion. Copper export increased by 26.3%, to reach A$3.2-billion during 2010, while natural gas export was up by 23.6%, to A$9.4-billion.
The Australian Bureau of Agricultural & Resource Economics & Sciences has previously forecast the value of Australia’s commodity exports to rise by 17.8% in 2011/12, to reach some A$256-billion.
Earnings from energy and minerals exports are forecast to increase by 20% in 2011/12 to around A$218-billion, following an estimated rise of 31% to A$182-billion in 2010/11.
Edited by Mariaan Webb, Miningweekly)
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