International Trade: Supplementary Information, Financial Year

Latest release

This publication provides detailed financial year data to supplement the quarterly Balance of Payments and International Investment Position.

Reference period
2022-23 financial year

Key statistics

  • Australia's trade balance on goods and services was a surplus of $158,873m in the 2022-23 financial year
  • Total goods and services exports rose $93,689m (15.8%) to $686,041m
  • Total goods and services imports rose $81,971m (18.4%) to $527,168m

Overview

Total exports

Total exports rose $93,689m (15.8%) in the 2022-23 financial year, driven by strong commodity prices and the recovery in travel services exports.

The top 5 exporting partners for Australia were:

  1. China rose $23,729m (13.2%) to $203,498m
  2. Japan rose $22,024m (23.7%) to $114,969m
  3. Korea, Republic of (South) rose $992m (2.0%) to $49,546m
  4. United States of America rose $5,483m (20.3%) to $32,556m
  5. India fell $953m (2.9%) to $32,405m

These five countries make up 63.1% of Australia’s total international trade in exports.

Total imports

Total imports rose $81,971m (18.4%) in the 2022-23 financial year, driven by easing of supply constraints on goods and the recovery in overseas travel and passenger transport services.

The top 5 importing partners for Australia were:

  1. China rose $9,703m (9.4%) to $113,375m
  2. United States of America rose $12,707m (25.7%) to $62,071m
  3. Japan rose $14,373m (102.5%) to $28,401m
  4. Korea, Republic of (South) rose $7,989m (39.9%) to $28,036m
  5. Singapore rose $327m (1.3%) to $25,604m

These five countries make up 48.8% of Australia’s total international trade in imports.

Trade in Services

In 2022-23:

  • The balance on trade in services deficit increased $1,383m to $11,882m
  • Services credits (exports) rose $34,376m (56.1%) to $95,603m
  • Services debits (imports) rose $35,759m (49.9%) to $107,485m

Services exports

Services exports rose 56.1% in the 2022-23 financial year as travel services exports recovered from the pandemic lows of 2021-22.

The recovery in services exports was driven by education-related travel as overseas students shifted to on-shore study from off-shore correspondence course delivery following the relaxation of pandemic travel restrictions. Other personal travel and passenger transport exports also rose.

  • Education-related travel rose $15,647m (75.3%)
  • Other personal travel rose $12,532m (689.3%)
  • Business travel rose $2,407m (606.3%)
  • Passenger transport rose $1,945m (598.5%)
  • Other personal, cultural and recreational services (which includes correspondence courses) fell $2,274m (42.4%)

Services exports by state

All states experienced a strong recovery in services exports in 2022-23 driven by Education and Other personal travel.

The largest increases were New South Wales, up $15,496m (50.0%), Victoria, up $8,813m (57.5%), and Queensland, up $5,005m (80.1%).

Education-related travel was the driver in most states, with the exception of Western Australia, Tasmania and Northern Territory where Other personal travel was the largest contributor to the increase.

New South Wales accounted for 48.6% of all services exports in 2022-23 (down from 50.6% in 2021-22), followed by Victoria which accounted for 25.3% (up from 25.0% in 2021-22).

Service exports by country

United States of America was Australia's largest services export partner and accounted for 11.6% of services exports (down from 13.9% in 2021-22). Total service exports to United States of America rose $2,530m (29.7%) in 2022-23, but contributed less to the percentage of the total as other countries rose more including New Zealand (up $2,553m, 75.0%), India (up $2,821m, 60.0%), and Asia, n.e.s. (up $3,845m, 77.3%).

Services exports, by partner country
2021-22$m%2022-23$m%
China8,60714.1United States of America11,05111.6
United States of America8,52113.9China10,91311.4
Asia, nes4,9778.1Asia, nes8,8229.2
India4,6987.7India7,5197.9
United Kingdom4,5887.5United Kingdom7,3147.7
Singapore3,7626.1New Zealand5,9586.2
New Zealand3,4055.6Singapore5,3245.6
Ireland1,5522.5America, nes2,5052.6
Hong Kong1,5252.5Hong Kong2,2562.4
America, nes1,3052.1Indonesia2,0792.2
All other countries18,28729.9All other countries31,86233.3
Total61,227100.0Total95,603100.0

Where figures have been rounded, discrepancies may occur between sums of the component items and totals.

Services imports

Services imports rose 49.9% in the 2022-23 financial year driven by Other personal travel and Passenger transport. Total services imports reached it's highest level since the series began in 1998-99.

Services imports by state

In the 2022-23 financial year, all states and territories recorded rises in total services imports driven by Travel services and Passenger transport services. Professional and management consulting services was also a key driver in New South Wales.

The largest increases across States were New South Wales, up $15,290m (42.9%), Victoria, up $8,413m (48.4%) and Queensland, $5,843m (73.8%).

New South Wales accounted for 47.4% of all services imports in 2022-23 (down from 49.7% in 2021-22), followed by Victoria accounting for 24.0% (down from 24.2%).

Services imports by country

United States of America remained Australia's largest import partner and accounted for 14.5% of services imports in 2022-23 (down from 15.8% in 2021-22). Total service imports to United States of America rose $4,269m (up 37.6%), New Zealand rose $4,521m (up 154.1%), Indonesia rose $4,065b (up 510.0%) and Japan rose $1,720 (up 84.5%).

Services imports (a), by partner country
2021-22$m%2022-23$m%
United States of America-11,35015.8United States of America-15,61914.5
Singapore-7,46210.4United Kingdom-9,4208.8
United Kingdom-7,25910.1Singapore-8,4017.8
Germany-5,2217.3New Zealand-7,4546.9
Asia, nes-3,7865.3Asia, nes-6,0835.7
Hong Kong-3,7235.2Germany-5,7615.4
Ireland-3,1724.4Indonesia-4,8624.5
New Zealand-2,9334.1India-4,3774.1
India-2,5343.5Japan-3,7553.5
Japan-2,0352.8Ireland-3,4773.2
All other countries-22,25131.0All other countries-38,27635.6
Total-71,726100.0Total-107,485100.0

Where figures have been rounded, discrepancies may occur between sums of the component items and totals
(a) For sign conventions, see the Explanatory notes.

Detailed exports of services

Travel services

Education-related travel remained the largest component of Travel services exports in 2022-23, though all categories rose for the first time since 2018-19. Education-related travel recovered in 2022-23 as overseas students shifted to on-shore study from off-shore correspondence course delivery and the relaxation of pandemic travel restrictions. All travel service export components remained below the levels reached in 2018-19.

In 2022-23:

  • Education-related travel rose $15,647m (75.3%) to $36,423m
  • Other personal travel rose $12,532m (689.3%) to $14,350m
  • Business travel rose $2,407m (606.3%) to $2,804m

The largest rise in Travel service exports by state was New South Wales, up $12,203m (147.4%) followed by Victoria, up $8,529m (122.0%).

New South Wales accounted for 38.2% of all Travel service exports in 2022-23 (up from 36.0% in 2021-22), followed by Victoria which accounted for 29.0% (down from 30.4% in 2021-22), with these two states hosting the largest numbers of international students.

Travel service exports by country

China was Australia’s largest export partner for Travel services, accounting for 17.4% of total Travel exports (down from 18.6% in 2021-22). 

In 2022-23:

  • China rose $5,068m (up 118.8%)
  • India rose $3,016m (up 75.9%)
  • United Kingdom rose $1,824m (up 417.4%)
  • New Zealand rose $1,768m (up 337.4%)
Travel exports, by partner country
2021-22$m%2022-23$m%
China4,267 18.6China9,335 17.4
India3,974 17.3India6,990 13.0
Nepal2,027 8.8Nepal3,534 6.6
Vietnam992 4.3New Zealand2,292 4.3
Malaysia720 3.1United Kingdom2,261 4.2
All other countries11,011 47.9All other countries29,165 54.4
Total22,991 100.0Total53,577 100.0

Where figures have been rounded, discrepancies may occur between sums of the component items and totals.

Detailed imports of services

Travel services

Travel imports continued to recover in 2022-23, but remained below pre-pandemic levels. The largest increases in Travel service imports was New South Wales, up $8,120m (252.8%), and Victoria, up $6,868m (274.3%).

Travel services imports rose for all countries in 2022-23. The largest importing countries for Travel services in 2022-23 were Indonesia (14.0%, up from 7.0% in 2021-22) and New Zealand (13.6%, up from 10.5% in 2021-22).

In 2022-23:

  • Indonesia rose $4,070m (up 700.5%)
  • New Zealand rose $3,661m (up 420.8%)
  • United States of America rose $1,466m (up 172.7%)
  • United Kingdom rose $1,448m (up 196.2%)
  • Thailand rose $1,398m (up 445.2%)
Travel imports (a), by partner country
2021-22$m%2022-23$m%
New Zealand-87010.5Indonesia-4,65114.0
India-84910.2New Zealand-4,53113.6
United States of America-84910.2United States of America-2,3157.0
United Kingdom-7388.9United Kingdom-2,1866.6
Indonesia-5817.0India-1,7905.4
All other countries-4,40653.1All other countries-17,82453.5
Total-8,293100.0Total-33,297100.0

Where figures have been rounded, discrepancies may occur between sums of the component items and totals
(a) For sign conventions, see the Explanatory notes.

Transport services

Transport services imports rose in $5,049m (20.6%) in 2022-23 driven by passenger transport.

In 2022-23:

  • Passenger transport rose $5,196m (182.8%) to $8,038m
  • Freight fell $107m (-0.5%) to $22,832m
  • Other transport rose $298m (94.0%) to $615m
  • Postal and courier services rose $22m (12.3%) to $201m

The largest increases in Transport services were New South Wales, up $1,596m (16.4%), Queensland, up $1,367m (32.0%), and Victoria, up $1,135m (13.6%), and Western Australia, up $921m (33.0%).

New South Wales accounted for 35.8% of all Transport service imports in 2022-23 (down from 37.1% in 2021-22), followed by Victoria which accounted for 29.9% (down from 31.7% in 2021-22).

Singapore remained the largest importing partner country for Transport services in 2022-23 accounting for 13.4% of total Transport imports (down from 16.7% in 2021-22).

Transport imports (a), by partner country
2021-22$m%2022-23$m%
Singapore-4,40116.7Singapore-4,23613.4
Germany-3,55313.5Asia, nes-3,71211.7
Hong Kong-2,73210.4Germany-3,57811.3
Asia, nes-2,3218.8Japan-2,0296.4
Japan-1,5796.0Hong Kong-1,9306.1
All other countries-11,69144.5All other countries-16,20151.1
Total-26,277100.0Total-31,686100.0

Where figures have been rounded, discrepancies may occur between sums of the component items and totals
(a) For sign conventions, see the Explanatory notes.

Changes and revisions

Reference period

Trade in services totals included in this publication are on a Balance of Payments basis and are aligned with the September 2023 issue of Balance of Payments and International Investment Position, Australia, released in December 2023. 

Trade in goods exports totals are on a Merchandise trade basis and are aligned with the October 2023 monthly issue of International Trade in Goods released in December 2023. Trade in goods import totals are aligned with the July 2023 issue of International Trade in Goods and Services, Australia released in September 2023. Trade in goods totals are on a Merchandise trade basis. Estimates for trade in goods for January 2023 to June 2023 are preliminary, all other periods represent final data.

Revisions

This publication includes historical revisions which are also included in the Australian System of National Accounts, 2022-23, and the September 2023 issue of Balance of Payments and International Investment Position, Australia, released in December 2023.

Cessation of monthly International Trade in Services statistics

International Trade in Services data is no longer available in the International Trade in Goods monthly publication.

International Trade in Services data will continue to be available quarterly in the Balance of Payments and International Investment Position, Australia publication.

A guide for users to compile monthly international trade in services estimates is available, see the attached article, Monthly International Trade in Services compilation guide

Acknowledgement

The ABS would like to thank the Department of Foreign Affairs and Trade (DFAT) who have provided funding and support for this publication.

Previous catalogue number

This release previously used catalogue number 5368.0.55.003.

Data downloads

Data files

Post-release changes

22 January 2024 - Table 5 was re-released to correct an error. This error was exclusive to this table, no other tables were affected. The reference period for Merchandise exports and imports was clarified, no tables were affected.

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