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Australia Economy Expanded 2.7% in 2016

Australia’s trade in goods and services reached a record AUD661 billion in 2015-16. Overall, net exports contributed 1.4% to economic growth in 2015-16 when Australia’s economy grew by 2.7%, latest report by the trade ministry said.

Exports rose nearly 7% in 2015-16, underpinned by increased quantities of resources exports, particularly iron ore and gas. Strong growth were seen in the number of tourists and students visiting our shores, which helped deliver a healthy increase of 8% in services.

For the tenth year in a row, China was Australia's top trading partner, with two-way trade valued at AUD150 billion or 23% of total trade. The United States was Australia’s second largest trading partner at AUD69 billion, followed by Japan at AUD60 billion, the ministry said.

Education-related travel services rose 9% to AUD 20 billion ; Gold exports rose 23 per cent to AUD 17 billion; personal travel services rose 17% to AUD 17 billion.

- APMR News

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