It’s the first time Australia has reached over $300 billion in exports, during a 12 month period. Export performance resulted in an annual trade surplus of $18.3 billion.As expected, Mineral exports led the way , with iron ore and copper ores in particular increasing by 24.6 per cent to $86.7 billion in 2011, while Manufactured exports rose by 2.9 per cent to $41.5 billion according to ‘Composition of Trade, Australia 2011‘.
The report reveals:
- Australia’s top three exports were iron ore & concentrates ($64.1 billion, up 29.8 per cent), coal ($46.8 billion, up 8.8 per cent) and gold ($16.0 billion, up 6.4 per cent);
- Australia’s top three imports were personal travel services (excluding education) ($22.2 billion, up 8.9 per cent), crude petroleum ($20.8 billion, up 28.4 per cent) and refined petroleum ($14.3 billion, up 43.5 per cent);
- Australia’s trade volumes increased 5.1 per cent in 2011;
- Australia’s terms of trade increased 13.2 per cent to near record levels, boosting incomes; and
- China was Australia’s largest two-way trade partner ($121.1 billion), followed by Japan ($72.5 billion) and the United States ($54.2 billion).
Australian resources have more than tripled in exporting over the past decade, from $57.1 billion in 2001 to $190.5 billion in 2011, accounting for 60.8 per cent of Australia’s total exports.
The biggest mover in Australia’s commodity exports was iron ore and coal. The two commodities have been said to be the driving force behind the growth of Australia’s resources exports, accounting for 58.2 per cent of total resource exports in 2011, with a combined value of $110.9 billion. China was Australia’s largest market for Iron ore, accounting for 68.7 per cent or $44.3 billion in 2011.
China was also Australia’s largest individual two-way goods and services trading partner in 2011, accounting for 19.9 per cent ($121.1 billion) of total trade. Japan was the second largest trading partner accounting for 11.9 per cent ($72.5 billion) followed by the United States(a), accounting for 8.9 per cent ($54.2 billion).
Australia's wealth is based on digging the place up and giving it to China. Otherwise we have nothing else because, like the US, our manufacturing has been closed up and exported to China. Our Government, like yours, is also a pack of corrupted, lying Globalists working for the same Zio-Bankers that yours works for.
ReplyDeletebut they are ripping off pensioners who are the real owners of country natural resources.
ReplyDeleteExtreme poverty endured by pensioners is a crime against humanity
They don't have israhell running there government.
ReplyDeleteThe resources belong to those who are prepared to take the business risk, find it, dig it up and sell it. Australians benefit from this by being shareholders, employees and through the taxes these companies pay. The resources in Australia are not the birth rite of each Australian (if birth rites counted then it would all belong to the Aboriginals). Yes resources have been good to Australia's economy however, most of the state run Chinese companies don't make a profit and China is heading for a crash. Australia has no manufacturing and a massive property bubble. You can expect Australia's economy to catch up to its European and USA peers very soon.
ReplyDeleteG'day
DeleteI AM prepared to take the business risk, find it, dig it up and sell it but because I am not in the boys club I will get jailed if I get caught. My mates and I do find a bit of gold, opal and other stuff but we don't tell anyone which big companies claim we find it on. Large areas of Australia now look like pegboard from the air as big companies drill test holes at very regular intervals over large areas. The problem we have now is a 2 speed economy of wealthy miners flaunting their money and the rest of us left struggling with greatly increased living costs. Struggle Street is well populated where I live. Manufacturing is dead and speculators have driven up real estate prices so high that 4 generations living in the same house was unknown until recently.
The recent surge in resource prices has turned three multimillionaires into billionaires - Gina Rinehart, Twiggy Forest & Clive Palmer. Since the Labour government tried to tax these winfall profits, our oligarchs have become more actively engaged in american SUPERPAC-style political advertising to protect their ill-gotten gains. Rhinehart in busy buying up shares in Fairfax media to gut its editorial independence & turn it into her personal mouthpiece. Palmer is flirting with political office convinced that he has sufficient money to induce collective amnesia in the public about his failed footbal club adventures, CIA conspiracy rants and abrasive personality.
ReplyDelete