Japan has been Australia's largest trading partner since 1954. However, over the last decade, Australia's share of Japan's trade has decreased. Japan is the largest trading partner of many countries in the Asia-Pacific region. Part of the growth in Australia's trade with Asia is due to the Asian economies growing faster than our other trading partners', and so increasing their share of Australia's trade. However Australia's share of trade with many Asian countries has actually decreased over the past decade because their trade with other countries has grown at an even faster rate than their trade with Australia.
Total trade is the sum of imports and exports.
There has been high growth in trade in services over the last decade. On a world-wide scale Australian imports of services are higher than exports but in Australia's trade with many Asian countries, the reverse is true. In particular services exports to Japan have continued to increase while services imports have declined in proportional terms. Much of the increase in trade in services with Asian countries has been through tourism and overseas students. As a consequence of this, travel has been the largest service provided to most Asian countries.