China has overtaken the USA to become Australia’s largest services export market in 2009-10, according to the Australian Bureau of Statistics.
Services exports to China reached $5.8 billion in 2009-10, up 13.4% from the previous year. Combined goods and services exports increased by 17.8% over 2009-10.
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.
Japan is the second top destination for Australian goods and services exports worth $39 billion.
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.
The rankings for percentage share of two-way trade with Australia are as follows:
- China $90.3 billion
- Japan $58.9 billion
- United States of America $48.9 billion
- Republic of Korea $25.8 billion
- India $22.3 billion
- United Kingdom
- New Zealand