China becomes Australia's second largest trade partner in 2008

Australian statistics show that China was Australia's second largest trade partner, its largest source of imports and its second largest export market in 2008.

According to statistics released by the General Administration of Customs of the PRC (GACC), in 2008, Australia was China's eighth largest trade partner, its tenth largest export market and its seventh largest source of imports, said He Ning, Director General of the Department of American and Oceania Affairs of China's Ministry of Commerce.

In 2008, China-Australia trade volume reached 59.66 billion USD, up 36.1 percent year-on-year. Of which, Chinese exports to Australia were worth 22.24 billion USD, an increase of 23.6 percent, and imports from Australia reached 37.42 billion USD, up 44.8 percent.

Australia is an important partner for China in terms of energy and mineral resources. The two economies are highly complementary to each other and have vast development potential.

China mainly imports iron ore, alumina, coal, copper ore, wool and barley from Australia. China's exports to Australia mainly involve mechanical and electrical products, textiles and other light industrial goods, such as home appliances, computers, clothing, textiles, shoes, bags and toys.

As for bilateral investment, China and Australia have become important investment partners. By the end of 2008, Australia had cumulatively invested in 8,954 projects in China, with an actual investment of 5.82 billion USD. At the same time, China has made a cumulative non-financial direct investment of 3 billion USD in Australia.

In 2008, China's non-financial direct investment in Australia reached 1.55 billion USD, an increase of 192 percent. Of this, most investment went into energy and mineral resources.

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