Author: David Sexton
More than two thirds of Australia’s trade is with fellow APEC nations, according to a new report from the Department of Foreign Affairs and Trade.
Beef is one of the many commodities being traded between Australia and APEC nations. Credit - Shutterstock
APEC nations also are reported to account for more than half (57%) of Australian investment overseas and almost 45% of foreign investment in Australia.
According to the report, in 2012, Australian total trade in goods and services with APEC grew 1.4% to $437.8bn.
Meanwhile exports fell 3% to $231.6bn and imports rose 6.8% to $206.4bn.
Major trading partners in APEC in 2012 were China ($125.1bn), Japan ($71.1bn) and the US ($56.2bn).
“The value of the APEC region’s exports to the world increased by 2.9% to US$10.3 trillion in 2012, while APEC imports from the world increased by 4.5% to US$10.8 trillion,” the report stated.
China was reported to be the largest APEC exporter, with exports globally valued at just over US$2.2 trillion in 2012 (up 8%).
It was followed by the US which was valued at just under US$2.2 trillion and Japan with exports of US$944bn.
Last year, some 69.15 of APEC members’ merchandise exports and 68.5% of imports were from within the region.
The APEC Region – Trade and Investment is published each year by the Department of Foreign Affairs and Trade on Australian international trade.