International Trade: Supplementary Information, Financial Year

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 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.

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 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%)

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).

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 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.

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%).

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%).

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.

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 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%)

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).

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.

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.

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. 

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

This release previously used catalogue number 5368.0.55.003.

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.