China's rise dominates Australia's yearly trade roundup

CANBERRA - China's growing importance as an export destination for Australia is the leading feature in this year's Composition of Trade, the Department of Foreign Affairs and Trade (DFAT) said on Friday.

This year's Composition of Trade, released this week, shows that while minerals and fuels top the list of Australian exports to China, the agriculture, manufacturing and services industries have also expanded. Major exports in these sectors include education, wool, cotton and pharmaceutical products.

The Composition of Trade publication shows that China remained Australia's top trading partner in the 2011-12 financial year, with two-way trade of A$127.8 billion ($134.19 billion), equal to 20 percent of Australia's total trade. Japan and the United States followed, with A$75.7 billion ($79. 5 billion) and A$56.7 billion ($59.5 billion) respectively.

China was also Australia's largest merchandise trading partner with A$120.2 billion ($126.2 billion) while the United States was the largest services trading partner with A$16.1 billion ($16.9 billion) in 2011-12.

Composition of Trade shows that overall exports of Australian goods and services grew by 6.2 percent in 2011-12, to A$315.8 billion ($331.6 billion), imports were up 13 percent to A$311 billion ($326.5 billion), with a trade surplus of A$4.8 billion ($5.04 billion).

The report also finds that Australia's exports of insurance and pension services, as well as financial services grew strongly, both up around 30 percent.

Composition of Trade is part of a series published each year by DFAT on Australia's international trade in goods and services.