Australia’s economy expanded 2.7% in 2015-2016, trade in goods and services reached a record AUD661 billion, latest data by the trade ministry showed.
Exports rose nearly 7% in 2015-16, underpinned by increased quantities of resources exports, particularly iron ore and gas.
Australia saw strong growth in the number of tourists and students visiting, which helped deliver a healthy increase of 8% in services, the trade ministry said, adding overall, net exports contributed 1.4% to economic growth in 2015-16. Education-related travel services rose 9% to AUD 20 billion ; Gold exports rose 23% to AUD17 billion; personal travel services rose 17% to AUD 17 billion.
For the tenth year in a row, China was Australia’s top trading partner, with two-way trade valued at AUD 150billion or 23% of total trade. The United States was Australia’s second largest trading partner at AUD69 billion, followed by Japan at AUD60 billion.