Product Code 260111 Product Name Non-agglomerated iron ores and concentrates Data Source UN Comtrade Show
Non-agglomerated iro ...115,196,354.96 Product Code 270112 Product Name Bituminous coal, not agglomerated Data Source UN Comtrade Bituminous coal, not ...46,597,936.77 Product Code 271111 Product Name Natural gas, liquefied Data Source UN Comtrade Natural gas, liquefi ...37,195,047.75 Product Code 710813 Product Name Gold in oth semi-manufactured forms,non-monetar Data Source UN Comtrade Gold in oth semi-man ...14,987,248.79 Product Code 270900 Product Name Petroleum oils and oils obtained from bituminou Data Source UN Comtrade Petroleum oils and o ...7,606,804.96 Ease of Doing Business Rank14Trading Across Borders Rank106 Nicknamed the Land Down Under, Australia is an island economy that strongly benefits from its close proximity to the vast markets of China and Japan which together represent over half of all Australian export sales. From a global perspective, Australia shipped US$370.9 billion worth of exported products around the globe in 2023. That dollar amount results from a 36.1% increase from $272.6 billion during 2019. Year over year, the value of Australian exports shrank by -7.8% compared to $402.2 billion for 2022. Applying a continental lens, 84% of Australia exports by value were delivered to customers in Asia while a more modest 5.4% were sold to importers in Europe. Australia shipped another 5.2% worth of goods to North America. Smaller percentages went to buyers in Oceania (3.7%) led by New Zealand and Papua New Guinea, Africa (0.9%) and Latin America (0.8%) excluding Mexico but including the Caribbean. Below is a list showcasing 25 of Australia’s top trading partners, countries that imported the most Australian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Australian exports.
More than three-quarters (77.8%) of Australian exports in 2023 was delivered to the above 25 trade partners. Growing their purchases of products exported from Australia at the fastest pace were customers in the United Kingdom (up 78.8% from 2022), Singapore (up 45.2%), Hong Kong (up 19.1%), Canada (up 19.1%) and mainland China (up 17.8%). Importers that reduced spending on Australian exports at the severest levels were Germany (down -34% from 2022), Belgium (down -33.4%), France (down -26%), Japan (down -25.9%), Netherlands (down -24.5%) and Taiwan (down -20.3%). Countries Causing Australia’s Worst Trade SurplusesAs defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports. Australia incurred the highest trade deficits doing business with the following countries.
Among Australia’s trading partners that cause the greatest negative trade balances, Australian deficits with Spain (up 41.5%), France (up 33.3%) and Germany (up 22.3%) grew at the fastest pace from 2022 to 2023. These cashflow deficiencies clearly indicate Australia’s competitive disadvantages with the above countries, but also represent key opportunities for Australia to develop country-specific strategies to strengthen its overall position in international trade. Countries Generating Australia’s Best Trade SurplusesAustralia generated an overall US$95.2 billion surplus in 2023, down by -15% from $112.1 billion in black ink one year earlier for 2022. Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus. Australia garnered the highest trade surpluses at the expense of the following countries.
Among Australia’s trading partners that generate the greatest positive trade balances, Australian surpluses with China (up 100.5%), Hong Kong (up 29%) and the United Arab Emirates (up 15%) grew by double-digits from 2022 to 2023. These positive cashflow streams clearly indicate Australia’s competitive advantages with the above countries, but also represent key opportunities for Australia to develop country-specific strategies to optimize its overall position in international trade. Companies Servicing Australian Trading PartnersThirty-six Australian corporations rank among Forbes Global 2000. Below is a selected sample of the major Aussie companies that Forbes included:
According to IMPORTERS.com listings for Australian suppliers, the following are examples of companies that ship products from Australia to its trading partners around the globe. Shown within parenthesis are products that the Australian business provides.
See also Australia’s Top 10 Imports, Australia’s Top 10 Exports and Australia’s Top 10 Major Export Companies Research Sources: Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 2, 2024 Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 2, 2024 IMPORTERS.com The Online Market for G20 Importers, Australia Import Export Directory. Accessed on March 2, 2024 International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 2, 2024 International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 2, 2024 Who are Australia's biggest trading partners in 2023?In 2023, China was Australia's leading export partner, importing approximately 122 billion U.S. dollars worth of goods. Australia's second biggest trade partner was Japan, importing about 36.5 billion U.S. dollars worth of goods in that same year. What country is Australia's major 1 export and 2 import partner in trade?In 2021, Australia major trading partner countries for exports were China, Unspecified, Japan, Korea, Rep. and India and for imports they were China, United States, Japan, Thailand and Germany. Who are Australia's top 10 twoAustralia's top ten trading partners in 2018-19 in order were China, Japan, the United States, the Republic of Korea, Singapore, New Zealand, the United Kingdom, India, Malaysia and Thailand. China remained Australia's largest two-way trading partner in 2018-19 and was our largest export market and import source. Is China Australia's largest twoChina is Australia's largest two-way trading partner, accounting for 26 per cent of our goods and services trade with the world in FY2022-23. Two-way trade with China increased 12 per cent in FY2022-23, totalling $316.9 billion. |
