China is Western Australia’s most important export partner, generating $13.8 billion for the state’s economy in 2006-07 and overtaking Japan as WA’s biggest export market, according to figures from the Department of Industry and Resources.
Exports to China made up nearly 23 per cent of WA’s total $60.5 billion in export revenue last financial year, representing an increase of 29 per cent on the previous year.
This represents an increase in value of 71 per cent since 2002-03, when WA’s exports to China were worth $4 billion.
Japan comes a close second to China, taking nearly $12 billion worth of WA goods and services exports last financial year.
Exports to Japan have been growing at a much slower rate than those to China during the past five years, with year-on-year growth to 2006-07 of just 9 per cent, compared with China’s 29 per cent.
India is the state’s third biggest export partner, taking $5.6 billion in exports last year.
Exports to the developing nation grew by nearly 45 per cent over the past two financial years.
South Korea follows India as WA’s fourth largest export partner, taking $5 billion in exports last year, followed by the UK ($2.8 billion), Singapore ($2.1 billion), Thailand ($1.6 billion) and Finland ($1.5 billion).
WA’s other export partners, in order of size, are the US, Indonesia, UAE, Taiwan, New Zealand, Switzerland and South Africa.
China’s rise to prominence is being reflected at a national level, with Australia’s combined trade with China and Hong Kong surpassing trade with Japan last November, removing Japan from the top position for the first time in 35 years.
