Merchandise exports via New South Wales were valued at over $30 billion in 2007-08, an increase of 7.2% over the previous financial year. Japan, New Zealand, Korea, the United States and China make up the State’s top five export destinations.

In 2007-08, the largest increases in exports from New South Wales were to Japan (up $1,228 million or 18.3%), South Korea (up $362 million or 18.4%), South Africa (up $286 million or 40.5) and Taiwan (up $185 million or 13.9%). The increase in exports to Japan, Korea and Taiwan was due to strong demand for coal, while medicinal and pharmaceutical products made the biggest contribution to export growth to South Africa.

Australia has Free Trade Agreements (FTAs) with the United States, Thailand, Singapore, New Zealand, Chile and the 10 members of the Association of South-East Asian Nations (ASEAN). Australia is currently negotiating or considering negotiating a number of new Agreements with countries including Japan, China, Malaysia, Korea, the Gulf Cooperation Council, Indonesia and China. FTAs with these countries are expected to provide substantial economic benefits for Australia through improved access to markets.