The Department of Foreign Affairs and Trade recently released a report for the Australian Composition of Trade reporting that Australia's trade in goods and services was worth a record $673 billion in 2016. Exports rose 5% to $330 billion, with iron ores and concentrates and coal combined accounting for 29% of the total value of exports.

It comes as no surprise that China was Australia’s top trading partner over 2016, a position China has held since 2009. Last year, two-way trade with China was valued at $155 billion, or 23% of the total value of Australia’s trade. The US came in second, with two-way trade worth $64 billion, followed by Japan at $61 billion.