Australia's Exports and Investments Grow in APEC Region

Australia's exports of goods to APEC members have grown by six per cent per year on average over the past 10 years, Trade Minister Mark Vaile announced today.

The APEC Region Trade and Investment, 2004, produced by the Department of Foreign Affairs and Trade shows the importance of the APEC region to Australia in terms of trade and investment.

"APEC remains Australia's major regional trading partner, with a total two-way merchandise trade worth $168.4 billion in 2003-04, or 70 per cent of Australia's merchandise trade with the world," Mr Vaile said.

"Australia's merchandise exports in 2003-04 increased to China (up 12 per cent to $9.9bn), Indonesia (up two per cent to $3bn), Malaysia (up four per cent to $2.2bn) and Vietnam (up eight per cent to $511m).

"Exports recording solid growth to the region in 2003-04 were medicaments (up 23 per cent to $1.5bn), alcoholic beverages (up four per cent to $1.3bn) and non-bovine meat (up seven per cent to $1.2bn). Other high-performing exports were nickel ores (up 32 per cent), pearls and gems (up 31 per cent) and nickel (up 23 per cent).

"Services exports to the region were worth $19.9bn in 2002-03, and have been growing at an average six per cent per year since 1992-93.

"Australian investment in APEC members' economies increased by nine per cent to $310bn in 2003, accounting for 61 per cent of Australia's total investment abroad. Investment by APEC members in Australia rose by eight per cent to $438.5bn in 2003, 45 per cent of total foreign investment in Australia."

The publication contains highlights of Australia's trade and investment relationship with other APEC economies, and details of trade between APEC economies in both merchandise and services, as well as investment data. It also compares major economic indicators of each of the APEC members, including unemployment, inflation and output.

Copies of the publication can be purchased for $58 by contacting the Market Information and Analysis Section on Ph (02) 6261 3114 or Fax (02) 6261 3321. The analysis and summary tables from the publication, and an order form, are available at DFAT Statistical publications.

Contact: Matthew Doman (Ministerial) 02 6277 7420 - DFAT Media Liaison 02 6261 1555