13/10/2014 - 13:31

China top destination for exports

13/10/2014 - 13:31

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Chinese demand continues to drive export growth in Western Australia, with more than 57 per cent ($6.2 billion) of the state’s $10.9 billion of goods exports in August bought by China.

China top destination for exports

Chinese demand continues to drive export growth in Western Australia, with more than 57 per cent ($6.2 billion) of the state’s $10.9 billion of goods exports in August bought by China.

For the year to June 30, goods exports to China totalled $70.7 billion, 54 per cent of the state’s total outgoing goods trade of $130.5 billion.

It marks a 16-fold increase for goods exports to China over a decade, with goods exports in the 2004 financial year totalling $4.4 billion.

Ten years before that, in the 1994 financial year, the figure was only $1.1 billion.

China surpassed Japan as the leading destination for WA goods for the first time in June 2006, and has remained the leader since the December quarter of 2008.

Japan was seconded placed, at $1.8 billion for the month, with some distance to South Korea at $737 million.

Highlighting WA’s integration with the region, almost 93 per cent of goods exports for the month, with a value of $10.2 billion, were to Asia Pacific Economic Cooperation member countries, while just less than 80 per cent, worth $8.7 billion, went to developing countries.

Surprisingly, India has fallen back some distance on the list in recent years, sliding sharply from a peak of $995 million in March 2010 to only $117 million, the same nominal value as in August 2004.

 

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