Australia Imports and Exports: Navigating the Country’s International Trade Scene
Australia’s Imports and Exports make up a crucial component of the country’s economic growth, as it is considered one of the world’s most open economies in terms of international trade. This is primarily attributed to Australia’s advantageous geographical location, abundant natural resources, and diverse range of industries, all of which have facilitated the establishment of extensive trade relationships with numerous countries across the globe. This guide provides a comprehensive overview of Australia’s international trade scene, with a specific focus on the country’s Imports and Exports.
Overview of Australia’s International Trade
The Department of Foreign Affairs and Trade (DFAT) is responsible for the formulation and implementation of Australia’s trade policy. According to the DFAT’s latest statistical summaries of Australia’s trade in goods and services[1], Australia’s total exports of goods and services amounted to AUD 524 billion in the year 2020-21. Meanwhile, the country’s total imports of goods and services amounted to AUD 536 billion. These figures highlight the significant role that international trade plays in Australia’s economy.
Top Exports and Imports of Australia
The OEC World database[2] provides a detailed breakdown of Australia’s top exports and imports. As of 2020, Australia’s top five exports were:
- Iron Ore ($79.6B)
- Coal Briquettes ($36.4B)
- Petroleum Gas ($26.8B)
- Gold ($17.7B)
- Frozen Bovine Meat ($4B)
On the other hand, Australia’s top five imports were:
- Refined Petroleum ($9.33B)
- Crude Petroleum ($8.73B)
- Cars ($8.05B)
- Broadcasting Equipment ($6.71B)
- Delivery Trucks ($4.79B)
Australia’s trade relationship with China, the country’s largest trading partner, has been under strain in recent years due to political tensions. As a result, Australia has been diversifying its trade relationships, with an increasing focus on other key markets, such as the United States, Japan, and the European Union.
Trade Statistical Pivot Tables
The DFAT’s Trade Statistical Pivot Tables[3] provide detailed information on Australia’s imports and exports by all countries and selected country groups using the United Nations Standard International Trade Classification Revision 4 (SITCr4) at the 3-digit level. The yearly time series data is available from 2012-13 to 2021-22, while the annual time series data is available from 2012 to 2021. These pivot tables are an essential resource for businesses seeking to gain insights into Australia’s international trade scene.
Navigating Australia’s International Trade Scene
Navigating Australia’s international trade scene can be challenging, particularly for small and medium-sized enterprises (SMEs) looking to expand into new markets. However, there are several resources available to help businesses overcome these challenges.
The Australian Trade and Investment Commission (Austrade) is a government agency that helps Australian businesses expand into international markets. Austrade provides a range of services, including market intelligence, business matching, and introductions to potential overseas partners.
In addition, the Australian Chamber of Commerce and Industry (ACCI) is a non-profit organization that represents the interests of businesses in Australia. The ACCI provides a range of services to its members, including advocacy,