China now Australia’s top destination for services exports

06 Dec 2010

China has overtaken the United States to become Australia’s largest services export market in 2009-10, the Australian Bureau of Statistics (ABS) has reported.

Services exports to China reached $5.8 billion in 2009-10, up 13.4 per cent from the previous year.

The United States, which held the top spot as Australia’s largest services export market for the past 26 years, moved into second place in 2009-10 at just under $5.3 billion. 

Australia’s combined goods and services exports to China increased by 17.8 per cent over 2009-10.

India also moved up the rankings, from fourth to third top destination for Australian goods and services exports at $19.8 billion; a 7.8 per cent increase on its share of the Australian export market in the previous year.

Other key points from the data include:

• Japan continues to be a major trading partner for Australia – holding its place as the second top destination for Australian goods and services exports worth $39 billion; and Australia’s second largest two-way trading partner.
• Australia’s top five two-way trading partners were: China at $90.3 billion; Japan at $58.9 billion; the United States at $48.9 billion; Republic of Korea at $25.8 billion; and India at $22.3 billion.

Source: International Trade in Services by Country, by State and by Detailed Services Category, Financial Year, 2009-10 (cat no. 5368.0.55.003)