"The Chinese market provided the second largest growth in terms of total physical arrivals at 20,500 growth versus 37,200 growth out of Australia."
中国市场旅游总增长人数为 20,500，位居第二，仅次于澳大利亚，其总增长人数为 37,200。

About your questions:
The total number of foreign visitors to the Chinese market increased by 20,500, (foreign: visitors from all countries except China)
the total number of foreign visitors to the Australian market increased by 37,200 (foreign: visitors from all countries except Australia).

China ranks the second.

Hope it helps.

A major problem I have observed is the confusion between "market" and "distination". “20,500 growth” refers to the growth in the number of visitors from China (The Chinese market as a place of departure) to other countries (distinations). It doesn't take into consideration where these visitors go. It only refers to the people going from China to elsewhere of the world.

The same is true for "37,200 growth out of Australia". It concerns with the people who are Australian residents and who went out of Austalia and visited elsewhere of the world.

Hence: 澳大利亚出境遊的人次(實際到訪人次)37﹐200﹐ 排第一﹐ 中國出境遊的人次(實際到訪人次)增長20,500﹐ 排第二。

我估計這是一個公司的業績說明﹐負責在中國推廣境外旅遊的部門(THE CHINESE MARKET) 在那一年的業績比某個時間點(上一年﹐月﹐季度﹖不清楚)的業績有所提高﹐忽悠到了更多的人參加他們公司組織的出國旅遊。

負責在澳大利亞促銷推廣境外旅遊的部門(THE AUSTRALIAN MARKET) 在那一年的業績比某個時間點(上一年﹐月﹐季度﹖不清楚)的業績有所提高﹐忽悠到了更多的澳大利亞人參加他們公司組織的出國旅遊團。


所以﹐基本來說﹐這裡講的該公司在兩個國家(一個國家計為一個市場)所組織到的出境遊人次之比較。

按照這個意思﹐翻譯就順了。

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Note added at 22 hrs (2011-06-16 11:04:42 GMT)
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In that case, it is possible that the numbers refer to the increases of visits to NZ from China and from Australia respectively.

The word "versus" means the two groups are comparable in certain respects. Here, "in terms of total physical arrivals". The total number of Chinese visitors increased by 20,500 (the second largest growth), and visitors travel from Australia increased by 37,200 (the largest growth). It's hard to say where they travel in (maybe a certain country or area, or maybe anywhere in the world. It depends on the context).

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Note added at 18 hrs (2011-06-16 06:48:17 GMT)
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I agree with jyuan_us on the meaning of "market". For ordinary products such as daily necessities, the "market" means tageted countries or areas where an enterprise can popularize its products. While for the tourist industry, the "market" means targeted consumer groups.

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Note added at 1 day2 hrs (2011-06-16 14:24:57 GMT)
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It is easier to understand this by considering NZ.
In terms of total physical arrivals to NZ, China ranked the second by a growth of 20,500 person trips, while Australia ranked the first by a growth of 37,200 person trips.