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International Trade: Supplementary Information, Financial Year

Latest release

International Trade in Goods and Services data on a financial year basis by country and state

Reference period
2023-24 financial year

Key statistics

  • Australia's balance on goods and services was a surplus at $54.8b in 2023-24.
  • Total goods and services exports (credits) fell $28.6b (4.2%) to $659.4b.
  • Total goods and services imports (debits) rose $28.8b (5.0%) to $604.6b.

Trade in Goods data included in the Key statistics section is on a Balance of Payments basis (original, current prices). Trade in Goods data in the Total merchandise and services trade by country section and the Data downloads is on a merchandise trade basis (original, current prices). For information about the differences in compilation, refer to International Merchandise Trade, Australia: Concepts, Sources and Methods.

Key revisions

The ABS has incorporated a new method for estimating selected digital services imports (debits) and exports (credits), and changed data sources for travel services imports (debits). The International Trade in Services series has been revised back to 2009-10, and the travel services imports series back to 2022-23. For further information refer to the Changes and revisions in this issue and the article Introduction of digital services in the Balance of Payments.

Total merchandise and services trade by country

Total exports

In 2023-24, Australia’s top 5 exporting countries were:

  1. China which rose $9.1b (4.4%) to $212.7b
  2. Japan which fell $34.2b (29.8%) to $80.5b
  3. South Korea which fell $7.4b (14.9%) to $42.3b
  4. United States of America which rose $2.4b (7.0%) to $37.5b
  5. India which rose $1.8b (5.7%) to $34.2b

These five countries made up 61.8% of Australia’s exports.  

Total imports

In 2023-24, Australia’s top 5 importing countries were:

  1. China which fell $1.0b (0.8%) to $112.8b
  2. United States of America which rose $10.0b (12.8%) to $88.2b
  3. Japan which rose $3.9b (13.3%) to $32.9b
  4. South Korea which rose $0.1b (0.5%) to $28.4b
  5. Singapore which fell $1.0b (4.8%) to $24.7b

These five countries made up 49.0% of Australia’s imports.

Trade in services

In 2023-24:

  • The balance on services was a deficit of $37.4b.
  • Services exports (credits) rose $26.8b (27.6%) to $124.0b.
  • Services imports (debits) rose $24.6b (18.0%) to $161.4b.

Exports of services

In 2023-24:

  • Total exports of services rose $26,848m (27.6%) to $124,031m, driven by Travel services.
  • Education-related travel rose $14,690m (40.4%).
  • Other personal travel rose $7,320m (51.0%).
  • Charges for the use of intellectual property n.i.e. rose $1,673m (23.6%).

Services exports by state

In 2023-24:

  • All states recorded a rise in services exports driven by Education and Other personal travel.
  • New South Wales and Victoria represent 45.0% and 25.5% of all services exports, respectively.

Services exports by country

In 2023-24:

  • China was Australia’s largest services export partner, replacing the United States of America.
  • Total exports to China and United States of America rose by $4,716m (42.3%) and $2,054m (15.1%), respectively.
  • Vietnam and the Philippines rounded up the top ten countries, replacing Hong Kong and Indonesia.
Services exports by country (a)
Country (b)2023-24
($m)
2023-24
(% contribution)
Change from 2022-23
($m)
China 15,86412.84,716
United States of America15,62912.62,054
Asia, nes13,41910.84,630
India10,4288.42,900
United Kingdom8,1056.5809
New Zealand6,6735.4703
Singapore4,6473.7-189
Vietnam3,3192.71,397
Philippines3,2202.61,603
America, nes3,1362.5603
All other countries39,59131.97,622
Total124,031100.026,848

nes - not elsewhere specified

  1. For sign conventions, refer to the Methodology.
  2. Refer to the Methodology for an explanation of partner countries and groups.

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

Imports of services

In 2023-24:

  • Total imports of services rose $24,614m (18.0%) to $161,404m.
  • Travel services rose $22,107m (46.5%), driven by Other personal related travel services.
  • Other services rose $7,489m (13.0%), driven by a rise in Professional and management consulting services.
  • Transport services fell $4,982m (15.7%) in line with falls in the cost of Freight services.

Services imports by state

In 2023-24:

  • All states recorded a rise in services imports.
  • New South Wales and Victoria represent 41.9% and 24.6% of all services imports, respectively.

Services imports by country

In 2023-24:

  • United States of America remained Australia’s largest import partner for services, accounting for 24.3% of total services imports.
  • Total service imports from the United States of America rose $7,518m (23.7%).
  • China replaced Europe, nes in the top ten services import countries.
Services imports by country (a)
Country (b)2023-24
($m)
2023-24
(% contribution)
Change from 2022-23 (c)
($m)
United States of America-39,25224.3-7,518
United Kingdom-11,2847.0-1,008
New Zealand-11,1567.0-1,849
Indonesia-10,1106.3-3,337
Asia, nes-8,6295.3-1,638
Singapore-8,4255.2123
Japan-6,5534.1-2,170
India-6,1123.8-953
China -5,1803.2-2,212
Germany-5,0973.2831
All other countries-45,26730.7-17,047
Total-161,404100.0-24,614

nes - not elsewhere specified

  1. For sign conventions, refer to the Methodology.
  2. Refer to the Methodology for an explanation of partner countries and groups.
  3. A negative sign indicates a rise in imports while a positive sign indicates a fall in imports.

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

Travel services exports

In 2023-24: 

  • All travel services export categories rose.
  • Travel services exports rose $23,275m (43.5%) to $76,771m, representing 61.9% of total services exports.
  • Education-related travel services accounted for 66.5% of Travel services exports.

 

Travel services exports by state

In 2023-24:

  • All states recorded a rise in Travel services exports.
  • New South Wales rose $9,392m (49.7%).
  • Victoria rose $6,607m (44.7%).
  • Queensland rose $2,909m (32.1%).

Travel services exports by country

In 2023-24:

  • China rose $5,257m (56.6%).
  • India rose $2,886m (41.3%).
  • Philippines rose $1,558m (103.6%).

 

Travel services exports by country (a)
Country (b)2023-24
($m)
2023-24
(% contribution)
Change from 2022-23
($m)
China14,55219.05,256
India9,87812.92,885
Nepal4,4005.7947
Vietnam3,1364.11,367
Philippines3,0634.01,559
All other countries41,74255.612,533
Total76,771100.023,275
  1. For sign conventions, refer to the Methodology.
  2. Refer to the Methodology for an explanation of partner countries and groups.

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

Education-related travel services

In 2023-24:

  • Education-related travel services rose $14,690m (40.4%) to $51,032m, exceeding the pre-pandemic levels of 2018-19 by 35.9%.
  • Education-related travel services rose in all states.
  • China rose $3,471m (39.9%), and was the largest export partner for Education-related travel services accounting for 23.8% of the total.
  • India and the Philippines also rose $2,956m (49.8%) and $1,080m (92.5%), respectively.

Other personal travel services

In 2023-24:

  • Other personal related travel services rose $7,320m (51.0%), exceeding pre-pandemic levels for the first time.
  • Other personal related travel services rose in all states.
  • New Zealand rose $365m (19.6%), and was Australia’s largest export partner of Other personal travel services accounting for 10.3% of the total.
  • China rose $1,523m (355.0%), and remained 54.1% below pre-pandemic levels of 2018-19.

Travel services imports

In 2023-24: 

  • Travel services imports rose $22,107m (46.5%) to $69,672m.
  • Travel services imports accounted for 43.2% of total services imports.

Travel services imports by state

In 2023-24:

  • Imports of Travel services rose for all states.
  • New South Wales rose $7,027m (43.5%).
  • Victoria rose $6,016m (45.0%).

Travel services imports by country

In 2023-24:

  • Indonesia was the largest import partner of Travel services accounting for 14.1% of total travel imports, followed by New Zealand with 11.8%.
  • Countries with the largest increases in imports of Travel services were Indonesia, Japan and China, which rose $3,270m (49.8%), $2,517m (130.5%) and $2,358m (267.0%), respectively.
Travel services imports by country (a)
Country (b)2023-24
($m)
2023-24
(% contribution)
Change from 2022-23 (c)
($m)
Indonesia-9,83314.1-3,270
New Zealand-8,23111.8-1,744
United States of America-4,5166.5-1,192
Japan-4,4466.4-2,517
United Kingdom-3,9395.7-886
All other countries-38,70755.6-12,498
Total-69,672100.0-22,107
  1. For sign conventions, refer to the Methodology.
  2. Refer to the Methodology for an explanation of partner countries and groups.
  3. A negative sign indicates a rise in imports while a positive sign indicates a fall in imports.

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

Transport services imports

In 2023-24:

  • Imports of Transport services fell $4,982m (15.7%) to $26,706.
  • Freight services fell $6,022m (26.4%).
  • Passenger services rose $974m (12.1%).

Data downloads

Data files

Changes and revisions in this issue

Reference period

Trade in goods imports (debits) and exports (credits) grand totals, referred to in the Key statistics section, and all trade in services statistics, were compiled on a Balance of Payments basis (original, current prices) and are aligned with the September 2024 issue of Balance of Payments and International Investment Position, Australia, released in December 2024.

All merchandise trade country totals, along with grand totals in Tables 1 and 2, are compiled on a merchandise trade basis (original, current prices) and are aligned with the July 2024 monthly issue of International Trade in Goods, released in September 2024. Estimates for trade in goods for January 2024 to June 2024 are preliminary, all other periods represent final data.

Country name changes

All references to 'Gaza Strip and West Bank' have been updated to 'Occupied Palestinian Territories' in the data cubes.

Additional information regarding country names is available in the Standard Australian Classification of Countries (SACC), 2016 publication.

Revisions

This publication includes historical revisions which are also included in the Australian System of National Accounts, 2023-24, released in October 2024, and the September 2024 issue of Balance of Payments and International Investment Position, Australia, released in December 2024.

Impacts from improved digital services estimates

This publication includes a newly introduced methodology to measure selected digital services imports and exports. The inclusion of the new digital services estimates has led to revisions to both imports and exports of services from 2009-10 and consequently impacts Australia’s Current Account balance. This is particularly the case from the 2016-17 financial year onwards when the imports (debits) of these digital services increased significantly. For more information refer to the Methodology or the article Introduction of digital services in the Balance of Payments.

Revisions to travel services debits

This publication incorporates revisions to the Travel Services debits series following the reintroduction of the National Visitors Survey (NVS) data to determine the 2022-23 annual benchmark which resulted in revisions to Travel Services debits back to 2022-23. The revised estimates more accurately reflect the value of travel debits as the pattern of Australian residents travelling overseas returns towards pre-pandemic levels. 

Previous catalogue number

This release previously used catalogue number 5368.0.55.004.

Acknowledgement

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

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