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Australia Hails Bumper Year For Exports

by Mary Swire, Tax-news.com, Hong Kong

04 August 2017


Australian Trade Minister Steven Ciobo has said that the country's trade surplus in 2016-17 reflects the Government's commitment to free trade.

Data released by the Australian Bureau of Statistics shows that there was a AUD12.4bn (USD9.9bn) trade surplus in 2016-17, compared with a AUD36.7bn deficit in the previous year. The increase in the exports of goods was driven primarily by resources, with coal, metal ores and minerals, and oil and gas all performing strongly.

According to a statement released by Ciobo, China, Japan, and Korea were all major export destinations for Australian goods and services in 2016-17. "The free trade agreements the Coalition delivered with these three countries will continue to deliver tangible benefits for Australians for many years to come," the statement said.

The statement added that the Government's commitment to free trade "continues to underpin Australia's enviable prosperity and high standard of living."

TAGS: free trade agreement (FTA) | export duty | trade treaty | Australia | China | oil and gas | agreements | Korea, South | import duty | trade | Japan | services

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