Australia’s $1.37 trillion trade makes history amid warnings of global tensions

Exclusive: Australia has experienced a record $1.37 trillion in trade as it diversifies global relationships in the face of United States-led tensions.

According to new data from the Australian Bureau of Statistics, the nation saw the historic increase in two-way trade in the last financial year.

“Never in Australia’s history have we done that much trade,” Trade Minister Don Farrell said on Wednesday.

Part of that increase was due to a record year of $83 billion of trade in agriculture, up by 6 per cent from the year before.

China was the biggest market with almost $20 billion in exports, close to double the $11 billion from the US, as improving relations saw Beijing lift restrictions on Australian barley, lobster and wine.

Almost $6 billion of exports went to Japan, more than $5 billion to South Korea, $4.5 billion to Indonesia, and $3.6 billion to the European Union.

Read more

Australians copped $5 billion hit as war reveals nation’s vulnerability

Beef and veal were the most sought after as more than $20.7 billion worth of the meat was exported despite a hiccup that saw the US introduce a 10 per cent tariff before, months later, reversing it.

Agriculture Minister Julie Collins said the figures were significant and praised the nation’s farmers.

“The world wants our beef and our agricultural industry in Australia has had a couple of good years and, certainly, they’re taking advantage of that,” she told nine.com.au.

Farrell also welcomed the latest figures, but warned not to get complacent about growing protectionism and tensions.

“We’re not resting on our laurels,” he said.

“Things are really uncertain in international trade.

“We have to make it very clear to the rest of the world we believe in free and fair trade and we’re giving a message to your country that we want to continue to do business with you.”

To fight global uncertainty, the federal government has been working to diversify its trade relationships.

Labor is currently seeking to pass its European Union free trade agreement, which has been eight years in the making, this year.

The deal would allow 98 per cent of goods exported to enter the EU duty-free and unlock the market of about 450 million people.

It would also guarantee preferential access of 35,000 tonnes of beef and 30,800 tonnes of lamb into the EU and remove tariffs on 87 per cent of dairy farmers.

The $10 billion a year deal is being held up by the Coalition, with Nationals Leader Matt Canavan calling for the government to renegotiate a better deal for farmers.

National Farmers Federal president Hamish McIntyre came out in support of the Coalition’s stance, arguing that the deal is “one-sided” and would “lock in decades of disadvantage”.

The government has previously warned there is no way to renegotiate the deal.

Read more

PM under scrutiny after admitting $6m grant to his own electorate was not for intended purpose

Prime Minister Anthony Albanese said this deal would not come at a better time.

“In a time when free trade is under siege right around the world, something that we know will be emphasised when I meet with both President Trump and President Xi at the APEC meeting to be held in Shenzhen next month,” he said.

“The deal tells the world that Australia backs free and fair trade.”

With the Coalition appearing to oppose the deal, Labor needs support from the Greens in the Senate to pass the legislation.

Greens Leader David Shoebridge on Wednesday said he is “looking at it with a favourable eye”.