Australia's trade increases 8% in 2004

Australia’s trade increases 8% in 2004

Australia's Department of Foreign Affairs and Trade disclosed that the country's trade rose 8% to A$330.6 billion (around $252.2 billion) in 2004. The value of exports amounted to A$152.5 billion last year, up 8% due to both higher volumes exported and improved prices received for exports. Exports of coal (23%), iron ore (19%) and beef (28%) experienced the highest growth rates in 2004. Australia's largest export market continues to be Japan, with exports worth A$22.2 billion last year. China was the second with A$9.5 billion. The country's imports value, which was affected by the strong Australian Dollar and a recovery in Australian economy, also saw a rise of 8% to A$178.2 billion.