North East Asia the place to be for NSW businesses

Austrade’s Regional Director, North East Asia, Laurie Smith said the North East Asian markets of Japan, China, South Korea, Hong Kong and Taiwan collectively account for over a third of Australia’s merchandise exports.

"China’s emergence as a major industrial powerhouse is one of the most significant and positive trade developments for Australia," Mr Smith said.

"In the next decade, China will likely overtake Germany to become the world’s third largest economy after the United States and Japan. Japan is Australia’s largest trading partner and has been Australia’s number one export market for nearly 40 years. Likewise Australia shares a very strong trading relationship with South Korea, Hong Kong and Taiwan.

"Australia’s current Free Trade Agreement (FTA) negotiations with China and Japan and a potential FTA with Korea, along with emerging new business opportunities in the region make it essential that Australian companies have a solid understanding of the fundamentals of the markets in North East Asia," he said.

Austrade’s Beijing-based China Country Manager, Peter Osborne said nearly 4,000 Australian companies exported to China over the last 12 months.

"Austrade expects to see strong opportunities and success by Australian exporters both in the more developed urban centres and the eastern seaboard as well as in newly emerging ‘1st and 2nd tier’ cities in China," Mr Osborne said.