Australia has experienced significant growth in international trade in the 2022 calendar year, with both exports and imports reaching new heights. According to the latest data released by the Australian government, the country’s balance on goods and services recorded a surplus of $155,730 million in 2022.
Total goods and services exports surged by 29% to reach $668,940 million, driven by elevated commodity prices. The top five exporting partners for Australia in 2022 were China, Japan, Korea (Republic of), India, and the United States of America. These countries accounted for 63% of Australia’s total international trade in exports.
On the other hand, total goods and services imports increased by 33% to $513,210 million. The top five importing partners for Australia were China, the United States of America, Singapore, Korea (Republic of), and Japan, making up 50% of Australia’s total international trade in imports.
In terms of services trade, Australia faced a deficit of -$21,571 million. However, services exports grew by 25% to $74,392 million, mainly driven by increased travel services. New South Wales accounted for 49% of all services exports, while Victoria remained the second-largest state, accounting for 26%.
In terms of services imports, there was a significant increase of 74% in 2022, driven by higher demand for travel and transport services. Transport services constituted the largest category, accounting for 35% of total services imports.
Looking at the country-specific trade dynamics, the United States of America emerged as Australia’s largest services export partner, surpassing China for the first time since 2010. Services exports to the United States increased by 33% in 2022. However, total exports to China saw a modest increase of 4% but remained 50% below pre-COVID-19 levels due to China’s ongoing Zero-COVID measures.
In services imports, the United States of America remained the largest partner, with a 14% share of the total services imports. Imports from the United States increased by 43% in 2022, primarily fueled by travel and other business services.
The data also revealed the impact of the COVID-19 pandemic on services trade. While travel services experienced a notable rebound in 2022, reaching 47% of the total services exports value, it still remained below pre-pandemic levels. The easing of travel restrictions contributed to the increase in travel services, with education-related travel being the largest component.
Overall, Australia’s international trade performance in 2022 indicates a robust recovery from the challenges posed by the COVID-19 pandemic. The significant growth in both exports and imports reflects the country’s resilience and ability to adapt to changing global trade conditions.