CANBERRA: Australia’s trade in goods and services was worth a record $673bn last year, according to the Composition of Trade, Australia 2016 report recently released by the Department of Foreign Affairs and Trade. Exports rose 5% to $330bn, with iron ores and concentrates and coal combined accounting for 29% of the total value of exports. It comes as no surprise China was Australia’s top trading partner over 2016, a position it has held since 2009. Last year, two-way trade with China was valued at $155bn, or 23% of the total value of Australia’s trade. The US came in second, with two-way trade worth $64bn, followed by Japan at $61bn.
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