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:
- China rose $23,729m (13.2%) to $203,498m
- Japan rose $22,024m (23.7%) to $114,969m
- Korea, Republic of (South) rose $992m (2.0%) to $49,546m
- United States of America rose $5,483m (20.3%) to $32,556m
- 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:
- China rose $9,703m (9.4%) to $113,375m
- United States of America rose $12,707m (25.7%) to $62,071m
- Japan rose $14,373m (102.5%) to $28,401m
- Korea, Republic of (South) rose $7,989m (39.9%) to $28,036m
- 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%).
2021-22 | $m | % | 2022-23 | $m | % |
---|---|---|---|---|---|
China | 8,607 | 14.1 | United States of America | 11,051 | 11.6 |
United States of America | 8,521 | 13.9 | China | 10,913 | 11.4 |
Asia, nes | 4,977 | 8.1 | Asia, nes | 8,822 | 9.2 |
India | 4,698 | 7.7 | India | 7,519 | 7.9 |
United Kingdom | 4,588 | 7.5 | United Kingdom | 7,314 | 7.7 |
Singapore | 3,762 | 6.1 | New Zealand | 5,958 | 6.2 |
New Zealand | 3,405 | 5.6 | Singapore | 5,324 | 5.6 |
Ireland | 1,552 | 2.5 | America, nes | 2,505 | 2.6 |
Hong Kong | 1,525 | 2.5 | Hong Kong | 2,256 | 2.4 |
America, nes | 1,305 | 2.1 | Indonesia | 2,079 | 2.2 |
All other countries | 18,287 | 29.9 | All other countries | 31,862 | 33.3 |
Total | 61,227 | 100.0 | Total | 95,603 | 100.0 |
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%).
2021-22 | $m | % | 2022-23 | $m | % |
---|---|---|---|---|---|
United States of America | -11,350 | 15.8 | United States of America | -15,619 | 14.5 |
Singapore | -7,462 | 10.4 | United Kingdom | -9,420 | 8.8 |
United Kingdom | -7,259 | 10.1 | Singapore | -8,401 | 7.8 |
Germany | -5,221 | 7.3 | New Zealand | -7,454 | 6.9 |
Asia, nes | -3,786 | 5.3 | Asia, nes | -6,083 | 5.7 |
Hong Kong | -3,723 | 5.2 | Germany | -5,761 | 5.4 |
Ireland | -3,172 | 4.4 | Indonesia | -4,862 | 4.5 |
New Zealand | -2,933 | 4.1 | India | -4,377 | 4.1 |
India | -2,534 | 3.5 | Japan | -3,755 | 3.5 |
Japan | -2,035 | 2.8 | Ireland | -3,477 | 3.2 |
All other countries | -22,251 | 31.0 | All other countries | -38,276 | 35.6 |
Total | -71,726 | 100.0 | Total | -107,485 | 100.0 |
Where figures have been rounded, discrepancies may occur between sums of the component items and totals
(a) For sign conventions, see the Explanatory notes.