Total exports increased 29% in the 2022 calendar year, driven by commodity prices remaining elevated.
The top 5 exporting partners for Australia are:
- China, down $4,332m (-2%) to $184,721m
- Japan, up $54,648m (84%) to $119,733m
- Korea, Republic of (South), up $16,022m (42%) to $53,875m
- India, up $10,270m (42%) to $34,847m
- United States of America, up $6,644m (28%) to $30,690m
These five countries make up 63% of Australia’s total international trade in exports.
Total imports increased 33% in the 2022 calendar year, driven by increases in both goods and services.
The top 5 importing partners for Australia are:
- China, up $20,951m (22%) to $114,244m
- United States of America, up $12,612m (29%) to $56,662m
- Singapore, up $11,388m (65%) to $28,891m
- Korea, Republic of (South), up $14,695m (111%) to $27,920m
- Japan, up $15,578m (131%) to $27,431m
These five countries make up 50% of Australia’s total international trade in imports.
Trade in Services
- The balance on trade in services was a deficit of -$21,571m
Services credits (exports) increased $14,912m (25%) to $74,392m
Service debits (imports) increased $40,741m (74%) to $95,963m
Please note: When referencing pre COVID-19 levels, the 2019 year has been used as the reference point for comparison.
Services exports increased 25% in 2022, with Travel services driving the increase from 2021.
Outside of Travel services, the largest increases were seen in:
- Other business services, and
- Telecommunications, computer and information services.
Services exports by state
New South Wales accounted for 49% of all services exports, steady from 2021 and up from 43% when compared to pre COVID-19 levels. Victoria remained the second largest state, accounting for 26%, also steady from 2021 but down from 28% pre COVID-19.
In 2022, the largest increases in total services exports by State were New South Wales, up 25% ($7,298m), Victoria, up 23% ($3,559m) and Queensland, up 40% ($2,437m). Compared to pre COVID-19 levels, NSW was at 85%, Victoria was at 68% and Queensland 58%.
Services exports by country
In 2022 the United States of America was Australia’s largest services export partner, accounting for 13% of total services exports, and overtaking China for the first time since 2010. Services exports to the United States of America increased 33% from 2021, with the total value of services exports now at 97% of that recorded pre COVID-19.
Total exports to China were up 4% in 2022, but were still 50% below pre COVID-19 levels. China’s Zero-COVID measures continued throughout 2022, which restricted inbound travellers from China while other countries, including the United States of America, had open borders resulting in higher increases in Other personal travel. The United States of America also had stronger rises in Other business services compared to China.
|China||9,097||15||United States of America||9,871||13|
|United States of America||7,442||13||China||9,503||13|
|Asia, nes||5,096||9||Asia, nes||6,448||9|
|United Kingdom||3,990||7||United Kingdom||5,526||7|
|New Zealand||3,297||6||New Zealand||4,871||7|
|Hong Kong||1,483||2||Hong Kong||1,820||2|
|All other countries||18,172||31||All other countries||22,739||32|
Where figures have been rounded, discrepancies may occur between sums of the component items and totals.
Services imports increased 74% in 2022, with Travel and Transport services driving the increase from 2021.
In 2022, Transport services was the largest services category increasing 82% from 2021. Transport Services accounted for 35% of total services imports, up from 33% in 2021 and 18% in 2019. Transport services are 79% above pre COVID-19 levels.
Travel services are 46% of pre COVID-19 levels with the easing of COVID-19 related travel restrictions.
Services imports by state
In 2022, all states and territories recorded rises in total services imports driven by notable rises in Transport and Travel services.
New South Wales accounted for 47% of all services imports in 2022, down from 52% in 2021. Victoria remained the second largest accounting for 25% of all services, up from 22% in 2021.
The largest increases across States were New South Wales, up 57%, Victoria, up 93% and Queensland, up 114%. These states are all nearing pre COVID-19 levels, with New South Wales exceeding its pre COVID-19 value, Victoria at 94% of its pre COVID-19 value and Queensland at 81% of its pre COVID-19 value.
Services imports by country
United States of America remained Australia’s largest services import partner in 2022, accounting for 14% of the total services imports. Imports to the United States of America increased 43% in 2022, driven by Travel and Other business services. The value of services imports to the United States of America in 2022 is 74% of that recorded pre COVID-19.
|United States of America||-9,530||17||United States of America||-13,617||14|
|Hong Kong||-3,119||6||New Zealand||-6,164||6|
|Asia, nes||-2,549||5||Hong Kong||-3,624||4|
|All other countries||-15,920||29||All other countries||-32,878||34|
Where figures have been rounded, discrepancies may occur between sums of the component items and totals
(a) For sign conventions, see the Explanatory notes.