Total exports
Total exports increased 29% in the 2021-22 financial year, driven by strong commodity prices.
The top 5 exporting partners for Australia are:
1. China, up $2,679m (2%) to $180,939m
2. Japan, up $46,838m (102%) to $92,758m
3. Korea, Republic of (South), up $20,269m (71%) to $48,755m
4. India, up $13,805m (72%) to $32,946m
5. United States of America, up $2,544m (10%) to $26,832m
These five countries make up 64% of Australia’s total international trade in exports.
Total imports
Total imports increased 25% in the 2021-22 financial year, driven by increases in both goods and services categories.
The top 5 importing partners for Australia are:
1. China, up $15,111m (17%) to $103,816m
2. United States of America, up $6,347m (15%) to $49,601m
3. Singapore, up $13,466m (110%) to $25,690m
4. Germany, up $3,327m (19%) to $20,841m
5. Korea, Republic of (South), up $8,966m (81%) to $19,980m
These five countries make up 49% of Australia’s total international trade in imports.
Trade in Services
- The balance on trade in services was a deficit of -$11,253m
- Services credits (exports) declined $1,474m (-2%) to $61,070m
- Services debits (imports) increased $23,523m (48%) to $72,323m
Services exports
Services exports decreased 2% in the 2021-22 financial year with travel services exports continuing to decrease from 2020-21.
The fall in services exports was driven by education related travel. This was partly offset by other personal travel which increased as border restrictions eased in December 2021.
Services exports by state
The decrease in exports of Travel services in 2021-22 was driven by Education-related travel. As a result, most states with significant exports of Education-related travel services recorded decreases to their total services export.
The largest decreases were Victoria, down $1,720m (10%), and Queensland, down $375m (6%).
New South Wales increased $1,131m (4%), due to increases in Other business services and Computer services.
New South Wales accounted for 51% of all services exports in 2021-22 (up from 48% in 2020-21), followed by Victoria which accounted for 25% (down from 27% in 2020-21).
Service exports by country
China remained Australia's largest export partner and accounted for 14% of services exports (down from 17% in 2020-21). Total service exports to China decreased in 2021-22, driven by Education-related travel. Historically China has the highest exports of education related travel, this has continued to fall since the start of the COVID-19 pandemic and declining further in 2021-22.
| 2020-21 | $m | % | 2021-22 | $m | % |
|---|---|---|---|---|---|
| China | 10,551 | 17 | China | 8,617 | 14 |
| United States of America | 7,018 | 11 | United States of America | 8,363 | 14 |
| Asia, nes | 6,095 | 10 | Asia, nes | 4,971 | 8 |
| India | 5,954 | 10 | India | 4,680 | 8 |
| United Kingdom | 3,504 | 6 | United Kingdom | 4,434 | 7 |
| New Zealand | 3,240 | 5 | Singapore | 3,658 | 6 |
| Singapore | 2,765 | 4 | New Zealand | 3,339 | 5 |
| America, nes | 1,666 | 3 | Hong Kong | 1,560 | 3 |
| Hong Kong | 1,562 | 2 | Ireland | 1,551 | 3 |
| Ireland | 1,385 | 2 | America, nes | 1,302 | 2 |
| All other countries | 18,805 | 30 | All other countries | 18,597 | 30 |
| Total | 62,544 | 100 | Total | 61,070 | 100 |
Where figures have been rounded, discrepancies may occur between sums of the component items and totals.
Services imports
Services imports increased 48% in the 2021-22 financial year. This increase was driven by Transport and Travel Services with increased freight costs, and the re-opening of borders resulting in significant increases to Transport freight and Other personal travel values respectively. While services imports are still well below pre COVID-19 pandemic levels, services imports have recovered at a faster rate than services exports.
Services imports by state
In the 2021-22 financial year, all states and territories recorded rises in total services imports driven by the notable rises in import of Transport and Travel services.
The largest increases across States were New South Wales, up $10,319m (40%), Victoria, up $6,995m (67%) and Queensland, up $3,208m (67%).
New South Wales accounted for 50% of all services imports in 2021-22 (down from 53% in 2020-21), followed by Victoria accounting for 24% (up from 21%).
Services imports by country
United States of America continued to be Australia's largest import partner and accounted for 16% of services imports in 2021-22 (down from 18% in 2020-21). The total value of services imported from the United States of America in 2021-22 increased 32% from 2020-21, driven by increases in Other business services, up 28%, and Travel services, up 1294%. Travel services remained well below pre COVID-19 levels, with the United States of America travel imports just 11% of the value from 2018-19.
| 2020-21 | $m | % | 2021-22 | $m | % | |
|---|---|---|---|---|---|---|
| United States of America | -8,798 | 18 | United States of America | -11,592 | 16 | |
| United Kingdom | -5,612 | 12 | Singapore | -7,778 | 11 | |
| Singapore | -3,367 | 7 | United Kingdom | -7,274 | 10 | |
| Germany | -3,292 | 7 | Germany | -5,349 | 7 | |
| New Zealand | -2,655 | 5 | Asia, nes | -3,838 | 5 | |
| Ireland | -2,590 | 5 | Hong Kong | -3,820 | 5 | |
| Asia, nes | -2,414 | 5 | Ireland | -3,062 | 4 | |
| Hong Kong | -2,262 | 5 | New Zealand | -3,004 | 4 | |
| Japan | -1,541 | 3 | India | -2,628 | 4 | |
| India | -1,448 | 3 | China | -2,165 | 3 | |
| All other countries | -14,821 | 30 | All other countries | -21,815 | 30 | |
| Total | -48,800 | 100 | Total | -72,323 | 100 |
Where figures have been rounded, discrepancies may occur between sums of the component items and totals
(a) For sign conventions, see the Explanatory notes.