Data Alert: Asia-Pacific integration drives Australia’s two-way trade to A$648 billion
03 Jun 2014
Economic integration with the expanding Asia-Pacific region continues to drive Australia’s economic growth. Australia’s two-way trade with the world grew by 3.7 per cent year-on year to A$648 billion in 2013. Trade in 2013 was 42 per cent of GDP, up from 32 per cent in 1990.
Growth was underpinned by Australia’s trade with East Asia, which has grown 7.6 per cent year-on-year to A$367 billion in 2013. The region now accounts for over 55 per cent of Australia’s two-way trade, with five-year trend growth of 6.1 per cent a year. Seven of Australia’s ten largest trading partners are within Asia, reflecting the country’s strategic location and increased economic participation within the fast-growing region.
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