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Australia has a diverse and robust economy, ranking 20th to 22nd in global exports and imports. It has deep trade ties with the Asian region and is the world's second-wealthiest nation in terms of wealth per adult. Australia's main exports are natural resources, including iron ore, coal, gold, and petroleum. It also exports food, wine, and cars. Australia has free trade agreements with several countries and is a member of the WTO, APEC, and the OECD, supporting its regional partners in accessing and benefiting from trade. Australia's largest trading partners include the United States, the United Kingdom, Indonesia, New Zealand, and China.
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What You'll Learn
Australia's main exports
Australia has a robust economy, largely due to its deep trade ties with the Asian region. The country has uninterrupted annual economic growth, steadily increasing at about 3% each year. Australia's main exports are iron ore, coal, gold, and petroleum. Iron ore alone accounts for more than 30% of the world's iron ore supply. These top four exports bring in $48.2 billion, $47 billion, $29.1 billion, and $20.3 billion, respectively.
Australia also exports food, wine, and cars. Its export destinations include the United States (3.5% of its total exports) and the United Kingdom (1.5% of its total exports). Other export destinations include Indonesia, Singapore, New Zealand, Vietnam, Thailand, Malaysia, the Philippines, Germany, Turkey, and Brazil.
Australia has been working to strengthen its trade relationships and secure duty-free or preferential access to other economies. In 2020, new trade agreements with Hong Kong and Peru were enacted. The country is also negotiating a free trade agreement with the European Union, a market of around 450 million people. Regional free trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, facilitate seamless trade and investment between multiple parties.
In terms of imports, Australia imported about $227.3 billion worth of commodities from around the world in 2018. Its main imports are petroleum and crude oils, cars, aircraft, furniture, bedding, lighting, signs, prefab buildings, and plastics. Australia's import partners include Germany, Malaysia, Singapore, New Zealand, Italy, France, Spain, the United Kingdom, Indonesia, South Africa, and other countries within Asia and Europe.
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Australia's main imports
Australia is considered the 22nd largest importer in the world, with yearly imports totalling $199 billion. The country's imports represent 1.3% of global imports. Australia's main imports include petroleum and crude oils, cars, aircraft, furniture, bedding, lighting, signs, prefab buildings, plastic and plastic articles. Australia's top import partners include Germany, Malaysia, Singapore, and New Zealand, accounting for 4.6%, 4%, 3.2%, and 2.8%, respectively, of its total import origins. The country also imports from Italy, France, Spain, the United Kingdom, Indonesia, South Africa, and other countries within Asia and Europe.
Australia has secured duty-free or preferential access to an additional 1.7 billion consumers in other economies through various trade agreements. In 2020, new trade agreements with Hong Kong and Peru came into force, and the country joined 14 other economies in agreeing to sign the Regional Comprehensive Economic Partnership. Australia is also a member of the WTO, APEC, and the OECD, and works to support its regional partners in accessing and benefiting from trade.
In terms of trade with the United States, Australia has a baseline tariff rate of 10% on goods imported into the US, and the two countries have a close defence relationship through the Aukus deal. Australia has expressed a desire to remove all tariffs on its imports into America.
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Trade agreements
Australia has a diverse economy and ranks as the 20th to 22nd largest exporter and importer globally. The country has deep trade ties with the Asian region, and its main export is iron ore, of which it possesses the second-largest accessible reserves globally. Other major exports include coal, gold, and petroleum, with additional noteworthy exports including food, wine, and cars. Australia's exports to the United States include financial services, gold, sheep/goat meat, transportation services, and vaccines.
In terms of trade agreements, Australia has pursued several regional free trade deals, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which facilitate seamless trade and investment between multiple parties. The country has also been negotiating new free trade agreements to open up new export and investment opportunities, including with the European Union, a market of around 450 million people. Australia has secured duty-free or preferential access to 1.7 billion consumers in other economies through various agreements. For instance, the Australia-United States Free Trade Agreement (AUSFTA) has eliminated tariffs on over 97% of non-agricultural Australian exports to the US and granted Australian companies access to the US federal government procurement market.
Australia is also a member of the World Trade Organization (WTO) and works closely with other nations in global and regional trade forums like the G20 and the Asia-Pacific Economic Cooperation (APEC). The country supports its bilateral development partnership countries in accessing and benefiting from trade. In 2018-19, two-way goods trade with these countries reached $42 billion, increasing by an average of 4% annually over the past decade. Australia also provides preferential treatment for Least Developed Countries (LDCs) in various sectors, including tourism, transport, and business services.
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Trade with the US
Australia and the US have a close and cooperative trade relationship, which is facilitated by the Australia-United States Free Trade Agreement (AUSFTA). This agreement came into force on 1 January 2005 and has resulted in a 138% increase in two-way trade. Under the AUSFTA, Australian companies have access to the federal government procurement market in the US, as well as the government procurement markets of 31 US states.
The US is Australia's third-largest two-way trading partner in goods and services. In 2023, this trade was worth $98.7 billion. Australian exports to the US were $33.6 billion, while imports from the US totalled $65.1 billion. US goods trade with Australia totalled an estimated $51.3 billion in 2024. US goods exports to Australia in 2024 were $34.6 billion, while imports from Australia totalled $16.7 billion. The US is also Australia's largest foreign investment destination, with investments totalling $1.2 trillion in 2023.
The US and Australia have strong trade links, with Australian companies operating in 83 different industries in California alone. Australia's largest exports to the US are financial services, gold, sheep/goat meat, transportation services and vaccines. US exports to Australia include financial services, travel services, telecoms/computer/information services, royalties and trucks. Over 12,000 Australian companies export to the US, and Australian companies employ approximately 150,000 people in the US.
The AUSFTA has also resulted in more than 97% of Australia's non-agricultural exports to the US becoming duty-free, while three-quarters of agricultural tariff lines have been eliminated. Committees have been set up under the AUSFTA to supervise the implementation of the agreement and review the trade relationship between the two countries.
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Australia's economy
Australia has a diverse and robust economy, ranking 20th to 22nd in global exports and imports. It has uninterrupted annual economic growth, steadily increasing at about 3% each year. This is largely due to its deep trade ties with the Asian region, particularly in commodities such as iron ore, coal, gold, and petroleum. Australia's terms of trade, the ratio of export prices to import prices, have been favourable, driven by high global demand for its commodity exports.
Australia's main export is iron ore, which accounts for more than 30% of the world's iron ore supply. Other significant exports include coal, gold, and petroleum, which bring in billions of dollars annually. The country also exports food, wine, cars, and financial services to various countries. Australia's exports to the United States, for example, include financial services, gold, sheep/goat meat, transportation services, and vaccines.
In terms of imports, Australia imported about $227.3 billion worth of commodities in 2018, with its main import sources being petroleum, crude oils, and cars. The country also imports aircraft, furniture, bedding, lighting, and plastic products. Australia's import partners include Germany, Malaysia, Singapore, New Zealand, and other countries within Asia and Europe.
To promote economic growth, Australia has secured duty-free or preferential access to other economies through regional free trade agreements and partnerships. For example, the Australia-United States Free Trade Agreement (AUSFTA) has eliminated tariffs on most non-agricultural exports and provided access to government procurement markets. Australia is also a member of the WTO, APEC, and the OECD, supporting its regional partners in accessing and benefiting from trade.
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Frequently asked questions
Australia's main exports are iron ore, coal, gold, and petroleum. Other notable exports include food, wine, and cars.
Australia's main import sources are Germany, Malaysia, Singapore, and New Zealand. Other sources include Italy, France, Spain, the United Kingdom, Indonesia, and South Africa.
Australia has a diverse and open economy, which means that changes in other countries' demand for its goods and services can significantly impact its economy. For example, an increase in global demand for Australian exports can result in an increase in export prices if supply does not match. Australia's trade with other countries has also led to an appreciation of the Australian dollar.
