CCIQ DATA: Queensland ag, manufacturing exports to Japan close to triple in 12 months
Queensland businesses are exporting into key international markets up three times the rate in 2020, Chamber of Commerce and Industry Queensland (CCIQ) data shows.
Key facts:
- World’s largest free trade agreement, the Regional Comprehensive Economic Partnership (RCEP) from January 1 has significant opportunities for Queensland businesses in 14 international markets
- Exports to China drop 3%, despite holding post as top market
- Exports to nine out of top ten markets increased in 12 months to December 2021
Exports from Queensland into Japan increased by 193% in December 2021 compared to the same time the previous year.
Substantial increases were also seen in exports destined for Indonesia, United States of America, South Korea, Malaysia, Thailand, United Arab Emirates and Philippines. Exports to Vietnam decreased 24% and 3% to China, despite remaining the top Queensland export market.
It comes as the world’s largest free trade agreement came into force on January 1 for 10 of the 15 country signatories- Australia, New Zealand, Brunei Darussalam, Cambodia, China, Japan, Laos, Singapore, Thailand and Vietnam and Republic of Korea on February 1 and Malaysia on March 18. For Indonesia, Myanmar and Philippines, RCEP will enter into force once the ratification processes are concluded.
It means there are significant long-term opportunities for Queensland businesses in 14 international markets.
CCIQ International Trade and Strategic Relationships Manager Diana Gueorguieva said the data showed Queensland exports were close to pre-COVID levels and climbing.
“The Regional Comprehensive Economic Partnership (RCEP) is an addition to Australia’s 10 existing free trade agreements (FTAs) across the Indo-Pacific region and builds upon existing FTAs,” Ms Gueorguieva said.
“It means Australian businesses will have access to additional markets, access to existing markets, business opportunities, tariffs reductions, access to regional value chains, and simplified administration under a single set of rules and procedures for accessing preferential tariffs across the region as opposed to the applicable rules for each individual pre-existing bilateral or multilateral FTA in place with some of these markets.”
RCEP covers trade in goods and services, investment, economic and technical cooperation, and creates new rules for electronic commerce, intellectual property, government procurement, competition, and small and medium sized enterprises.
Ms Gueorguieva said overall Certificates of Origin increased 5% in the 12 months to December 2021, however export markets reduced 7% in the same period (from 132 to 127) as exporters more directly targeted priority markets such as Indonesia (18%), Vietnam (27%), Japan (91%), Malaysia (20%), South Korea (15%), USA (49%), Thailand (32%), Philippines (20%) and India (20%) than the previous 12 months.
More than two thirds of exports were for agribusiness products, predominately beef and grains, while a third of exports were manufactured products. Beef continues to be the largest commodity exported with 30% share of all exported products in December 2021.
“We use Certificates of Origin data as an indicator on what is happening in the industry at a certain point of time,” Ms Gueorguieva said.
“A rise in preferential and non-preferential Certificates of Origin reflects a similar rise in export shipments which is predominantly due to exporters successfully diversifying into new markets, diversifying some products to meet changing demand and the improvement of global conditions.
“CCIQ will continue our support to help businesses succeed internationally with export and Free Trade Agreements between Australia and other countries, education and advice, Certificates of Origin, ATA Carnets, business connections and other assistance as required.”
For more information or to become a CCIQ International member see the CCIQ website.
CCIQ media contact
Emma Clarke
Media and Communications Advisor