The Department of Foreign Affairs and Trade (DFAT) has confirmed Australia recorded strong growth in the financial year 2017-2018.
'Composition of Trade Australia 2018', a new report by DFAT, finds that Australia's exports and imports of goods and services grew to $800 billion, an increase of 8 per cent.
Total exports, according to nominal value, saw 8 per cent growth and exceeded $400 billion according to the report.
These were bolstered by gains across the minerals and fuels, services, manufactures and rural goods sectors as Australia entered its 28th year of consecutive annual economic growth.
Among developed economies it sets a new record for uninterrupted expansion.
Price and currency fluctuations helped drive a 4 per cent rise in the nation's export volumes FY2017–18.
Minerals and fuels increased by 6.6 per cent while services enjoyed 5.5 per cent growth.
Australia’s top 10 exports ranked by value in FY2017–18 were: iron ore; coal; education-related services; natural gas; personal travel services; gold; aluminium; beef; crude petroleum; and copper ore.
With an enviable AAA sovereign risk profile, low political risk, and a strategic position that links East and West, Australia, according to the Australian Trade and Investment Commission, is a thriving hub for international commerce.
China, which is Australia's largest export destination, accounted for 24 percent of total trade, and remained the largest two-way goods and services trading partner in FY2017–18, valued at $195 billion.
For total imports China represented 18 per cent of the nation's total trade sources.
Japan was Australia’s second largest trading partner (10 per cent) in front of the United States 9 (per cent).
Trade with Asia accounted for 66 per cent of Australia's total trade while Europe represented 15 per cent and the United States 11 per cent.
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