Benefits from bilateral trade keep rising
Print Edition
AUSTRALIA’S direct trade with China, its largest trading partner, has accounted for 5.5 percent of the former’s gross domestic product in 2014, according to a report on bilateral trade which was released in Parliament House in Canberra yesterday.
Commissioned by the Australia-China Business Council, the report said the benefits to ordinary Australian households from trade with China keep expanding, with the 2014 figure reaching A$16,985 (US$13,372), a fivefold jump since 2009 when data collection began.
Based on an exclusive business survey of over 200 Australian ACBC member firms, case studies from different industries, and a new data source, the World Input-Output Database, this report showed that, as in the preceding years of the resources investment boom, Australian governments, firms and households continue to benefit significantly and increasingly from Australia-China trade through growth in GDP, tax revenue, employment and real wages.
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