Leaders agreed to terms on the Regional Comprehensive Economic Partnership (RCEP) at the Association of South-East Asian Nations (ASEAN) summit in Bangkok last year. Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to email this to a friend (Opens in new window), China: US$11 billion (28.8% of New Zealand’s total exports), Germany: -US$1.8 billion (country-specific trade deficit in 2019), China: US$2.5 billion (country-specific trade surplus in 2019), Australia and New Zealand Banking Group (financial services), Coats Group PLC (sewing supplies, zippers, fasteners), Kathmandu Holdings Limited (outdoor clothing, equipment), Mainfreight Limited (logistics, transportation), Nuplex Industries Limited (resins for decorative/industrial/protective coatings), Steel & Tube Holdings Limited (building materials), The a2 Milk Company Limited (dairy products). The deal also does not include the United States, despite the country having $US2 trillion ($2.7 trillion) in trade with the countries which are involved. Australia’s Top Trading Partners for Imports and Exports. The signing on the dotted line was expected to happen late on Sunday during this year's virtual meeting. This created demand for building materials, energy for electricity and transport, and raw materials for manufacturing. "The other is for our services export industry, they get significant new access across financial, banking, aged care, health care, education and other types of services industries, right into the provision of architectural, engineering or planning services. Australia was well placed to meet a lot of this demand, and it was a ready market for Chinese manufactured goods. Australia's trading relationship with China has strained in recent months. Use the interactive map link below to explore Australia's trading relationship with the world. International Merchandise Trade, Preliminary, Australia Exports of goods in October 2020 increased $1,796m (6%) to $30,532m Imports of goods in October 2020 increased $1,978m (8%) to $25,692m Log in. This gives Australia a $44 billion positive trade balance with this country. "This is about making sure that we have the opportunity for that part of the economy, the services industry, to be able to grow and be able to get the same type of uplift in trade benefits across the region that our goods exporters have had over recent years," he said. Among Australia’s trading partners that generate the greatest positive trade balances, Australian surpluses with China (up 80.9%), Philippines (up 40.2%) and South Korea (up 36.2%) grew at the fastest pace from 2018 to 2019. Australia’s biggest two-way trade partner is China. The above list captures a snapshot of Australia’s current international trading environment. Australia’s Top Two-Way Trading Partners 2018-19 Australia’s top ten trading partners in 2018-19 in order were China, Japan, the United States, the Republic of Korea, Singapore, New Zealand, the United Kingdom, India, Malaysia and Thailand. "The bottom line is, when you've got a country which is your biggest trading partner — we make one in three dollars from trade from China — then you've got to lean into it and make sure you've got the contacts in China to fix things when there's a problem," Mr Clare said. Japan was Australia’s second largest trading partner, accounting for around 10 per cent (A$89 billion), followed by the United States, with 8.6 per cent (A$76 billion). Assuming a widespread and synchronised global resurgence in infections is avoided, GDP of Australia's major trading partners is expected to contract by around 3 per cent (in year-average terms) in 2020, with the trough in activity in the June quarter, followed by an increase of around 6 per cent in 2021. Australian ministers have not been able to talk to their Chinese counterparts for months. Post was not sent - check your email addresses! There have also been concerns raised about Australian exports of cotton, sugar, timber and copper, while millions of dollars of rock lobsters were left stranded at Shanghai Airport earlier this month. Australia’s politicians love to talk about the benefits of free trade, but signed a special deal with the US on steel and aluminium tariffs in March 2018 without hesitation.. "There are difficulties at present, and I am deeply concerned that in a number of areas, Chinese regulatory actions have disrupted trade flows. Australia's trade surplus increased to AUD 7.46 billion in October 2020 from an upwardly revised AUD 5.82 billion in the previous month and easily beating market consensus of a AUD 5.8 billion surplus. Australia has accused China of undermining their free trade agreement over a series of actions by Beijing against Australian export goods. 11 Jun 2020 This agreement is an important step forward for both countries as it will develop digital trading … AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), 'Go the extra mile': Brexit talks extended to avoid no-deal exit for UK on January 1, South-east Queensland braces for flooding after wet weekend, Authorities 'nervous' about Byron Bay beach erosion as big swells lash coast, South Korea mulls first lockdown amid record COVID cases in third wave, Pfizer shipments begin in biggest vaccine rollout in US history, How a 'proper warrior' vanished into the bush and was found 11 years later using forensic science, Communications Minister says he won't sack ABC chair Ita Buttrose over Four Corners response, Holden's finest vehicles, old and new, on display for the first time, Adelaide man killed and another injured after tree branch falls on pergola. What does this mean? "We've got big problems with China at the moment, getting goods into China," Labor frontbencher Jason Clare said. In addition, Australia went from a -$1.8 billion deficit trading with the UK in 2018 to a $5.4 billion surplus for 2019. Rounding off Australia’s top 10 trading partners in 2018–19 were South Korea, Singapore, New Zealand, the United Kingdom, India, Malaysia and Thailand. Mr Trump snubbed the ASEAN meeting again this year, for the third consecutive time. The latest figures also show the country is the 24th largest exporter and importer in the world, with a positive trade balance of $28.7 billion. Next release: January 7, 2021 Complete Release Schedule Declines were led by importers in the Singapore (down -23.1%), nearby trade partner Australia (down -18.3%) then the United Kingdom (down -11.2%). The largest trade deal in history — a pact accounting for 30 per cent of the global economy — is signed by 15 countries including Australia, China, Japan and Indonesia. Sorry, your blog cannot share posts by email. "The real benefits here are two-fold — one is for our farmers and exporters, they get a more common set of rules across all 15 nations," Senator Birmingham said on Sunday. Merchandise Trade statistics data for Australia (AUS) including exports and imports, applied tariffs, top exporting and importing countries, effectively applied and MFN tariff along with most exported and imported product groups, along with development indicators such as GDP, GNI per capita, trade balance and trade as percentage of GDP for Most Recent Year. While the data sets vary between each of the seven tabs, the functionality remains the same.