According to China's Customs, the bilateral trade volume between China and Australia in 2005 reached US$27.25 billion, up by 33.6 percent, among which China's export to Australia was US$11.06 billion, up by 25.2 percent, while China's import from Australia was US$16.19 billion, up by 40.1 percent. China had a deficit of US$5.13 billion, US$2.41 billion more than that of last year. China mainly exported machinery tools, electromechanical and electric products audio-visual equipment, garments and knitwear, seats, furniture, articles of funfair, oils, plastics, cases and bags, tyres, etc. Major imported products of China from Australia included mineral products, artificial corundum, aluminum oxide, aluminum hydroxide, base metal and articles thereof, textile materials such as wool and cotton, raw skins of sheep, bovine and equine animals, cereal, etc.
According to the Ministry of Commerce (hereinafter referred to as MOFCOM), the turnover of engineering contracts completed by the Chinese companies in Australia reached US$ 17.38 million in 2005, and the volume of the newly signed contracts was US$54.17 million. The volume of completed labour service cooperation contracts was US$2.77 million, and that of the newly signed labour service cooperation contracts was US$22.66 million. By the end of 2005, the accumulated turnover of engineering contracts completed by the Chinese companies in Australia was US$260 million, with a total contractual volume US$310 million, and the volume of the completed labour service contracts has reached US$23.08 million, with the total contractual volume of US$140 million.
Approved by or registered with the MOFCOM, 16 Chinese-funded non-financial enterprises were set up in Australia in 2005, with a total contractual investment of US$37.82 million by Chinese investors. By the end of 2005, there were accumulatively 272 Chinese-funded non- financial enterprises set up in Australia with a total contractual investment of US$740 million from Chinese investors.
According to MOFCOM, Australian investors invested in 692 projects in China in 2005, with a contractual volume of US$2.7 billion and an actual utilization of US$0.4 billion. By the end of 2005, Australia investors had accumulatively invested in 7,501 FDI projects in China with a contractual volume of US$14.74 billion and an actual utilization volume of US$4.48 billion.
