China Was Main Trade in Services Export Market for Oz for Eight Straight Years
Xu Wei
DATE:  Mar 24 2018
/ SOURCE:  Yicai
China Was Main Trade in Services Export Market for Oz for Eight Straight Years China Was Main Trade in Services Export Market for Oz for Eight Straight Years

(Yicai Global) March 23 -- The total amount of Australia's trade in services set a new record in the fiscal year 2017 (from July 2016 to June 2017), reaching AUD166 billion (USD128 billion), with China the largest trade in services export market for it for eight years in a row, Steven Ciobo, Australia's trade, tourism and investment minister, said yesterday, Xinhua News Agency reported.

The signing of the China-Australia Free Trade Agreement has created more opportunities for Australia's export of trade in services, making China its largest market for these at AUD14.7 billion, Ciobo said.

The record high volume of the trade is attributed to the promotion of these exports, per the latest 2016-2017 Australian government report. The trade volume of services exported in the fiscal year registered AUD82 billion, up 8.3 percent on the one before.

Education is the fastest-growing trade in services export sector with a rise of 16 percent to AUD29 billion. Tourism is also a major Australian services export sector with a volume of AUD37 billion, up by 7.6 percent on the year before. New Zealand, China and the US are Australia's top three sources of international tourists, Ciobo added.

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Keywords:   Australia,Service