Australia's trade with East Asia 2012

This publication provides a comprehensive analysis of the growth, direction and composition of Australia\u27s goods and services trade relations with each of the countries of East Asia.Overview of trade with East Asia Australia’s balance of trade in goods and services with East Asia recorded a surplus of $55.0 billion in 2012, a decrease of 24.1 per cent (or $17.5 billion) on the surplus recorded in 2011. By comparison, Australia’s trade balance with the world recorded a deficit of $16.3 billion, a turnaround of $35.1 billion on the surplus of $18.8 billion recorded in 2011.Australia’s total trade in goods and services with East Asia increased 1.2 per cent in 2012 (see Chart 1) the third consecutive increase since the fall recorded in 2009. Since 2007, total trade with East Asia has grown at an annual average rate of 8.0 per cent.Exports to East Asia fell 3.3 per cent, due mainly to decreases in Minerals (down 12.8 per cent – or $9.6 billion – to $65.2 billion); Fuels (down 2.8 per cent – or $1.2 billion – to $43.1 billion); Simply transformed manufactures (down 15.1 per cent – or $1.5 billion – to $8.5 billion) and Processed food (down 3.8 per cent – or $319 million – to $8.2 billion).Imports from East Asia increased 8.2 per cent in 2012. This was largely due to increases in Elaborately transformed manufactures (up 9.4 per cent – or 7.3 billion – to $85.1 billion); Fuels (up 8.1 per cent – or $1.8 billion – to $24.3 billion) and Services (up 4.9 per cent – or $874 million – to $18.8 billion)