Presented in descending order, the following list showcases the general product categories under which Australia earned the highest trade surpluses in 2014.

1. Ores, slag, ash: US$72.9 billion (48.6% of all product surpluses)
2. Mineral fuels including oil: $27.7 billion (18.5%)
3. Meat: $9.8 billion (6.6%)
4. Gems, precious metals: $7.5 billion (5%)
5. Cereals: $7.2 billion (4.8%)
6. Inorganic chemicals: $4.5 billion (3%)
7. Aluminum: $2.6 billion (1.7%)
8. Copper: $2.6 billion (1.7%)
9. Wool: $2.1 billion (1.4%)
10. Cotton: $1.7 billion (1.2%)

The above top 10 product categories represent 92.4% of Australia’s overall product-category surplus subtotal which amounted to $150 billion. For that subtotal, 31 of Australia’s 97 general product categories delivered a surplus in 2014 while the remaining 66 categories incurred deficits.

Australia enriched its trade surplus amounts at the fastest-pace during 2010 to 2014 under the product categories below.

1. Animal/vegetable fats, oils: Up 4,232% since 2010 (US$85.8 million)
2. Fruits, nuts: Up 1,199% ($260.9 million)
3. Aircraft, spacecraft: Up 233.3% ($1.2 billion)
4. Tanning, dyeing extracts: Up 124.2% ($50.2 million)
5. Oil seed: Up 109.3% ($1.7 billion)
6. Cotton: Up 102% ($1.7 billion)
7. Other animal-origin products: Up 101.3% ($34.7 million)
8. Meat: Up 78.6% ($9.8 billion)
9. Cereals: Up 63.5% ($7.2 billion)
10. Live animals: Up 48.3% ($1.4 billion)

From the perspective of the more detailed 4-digit harmonized tariff system (HTS) level, below are 15 products that enabled Australia to achieve the highest surpluses in its international trade with other countries.

1. Iron ores, concentrates: US$60 billion
2. Coal, solid fuels made from coal: $34.4 billion
3. Petroleum gases: $16.9 billion
4. Gold (unwrought): $8.6 billion
5. Wheat: $5.3 billion
6. Aluminum oxide/hydroxide: $5.3 billion
7. Copper ores, concentrates: $4.9 billion
8. Frozen beef: $4.7 billion
9. Refined copper, unwrought alloys: $3.4 billion
10. Aluminum (unwrought): $3.1 billion
11. Sheep or goat meat: $2.5 billion
12. Fresh or chilled beef: $2.3 billion
13. Wool (uncarded, uncombed): $2.2 billion
14. Cotton (uncarded, uncombed): $1.8 billion
15. Barley: $1.6 billion

Among these, petroleum gases had the fastest-growing Australian surplus with a 122.1% gain since 2010. In second place was barley up 119.7% while exported frozen beef moved ahead in value by 107.1%.

Presented in descending order, the following list shows with which trade partners Australia earned the highest trade surpluses in 2014.

1. China: US$34.6 billion (39.3% of Australian country-specific surpluses)
2. Japan: $27.7 billion (31.4%)
3. South Korea: $7.3 billion (8.3%)
4. India: $5.2 billion (5.9%)
5. Taiwan: $2.2 billion (2.5%)
6. Saudi Arabia: $1.6 billion (1.9%)
7. Hong Kong: $1.5 billion (1.7%)
8. Bahrain: $593.9 million (0.7%)
9. Kuwait: $469.1 million (0.5%)
10. Philippines: $404.2 million (0.5%)

The above 10 trade partners represent 94.4% of Australia’s subtotal surplus of $88 billion from the 114 geographic entities with which Australia demonstrated competitive trade advantages. That subtotal excludes the 105 geographic entities with which Australia incurred trade deficits.

Australia enriched its trade surplus amounts with the countries below at the fastest-pace during 2010 to 2014.

1. Rwanda: Up 3,302% since 2010 (US$1.9 million)
2. Burundi: Up 1,906% ($1.6 million)
3. Malawi: Up 1,594% ($11.8 million)
4. Falkland Islands (Malvinas): Up 1,445% ($2 million)
5. Nauru: Up 832.8% ($79.5 million)
6. Guyana: Up 675.5% ($8.3 million)
7. Bahrain: Up 415.4% ($593.9 million)
8. Armenia: Up 395.3% ($1.1 million)
9. Liberia: Up 391.5% ($12.4 million)
10. Suriname: Up 372.4% ($1.8 million)

From the above list, Australia showed major product supply advantages over trade partners with comparatively small populations and for generally small surplus amounts. However, Australia did generate a positive trade balances over a half-billion dollars with Bahrain.

Below are the products that gave Australia the highest surpluses in its international trade with China.

1. Iron ores, concentrates: US$46.2 billion (61.5% of Australia’s product-specific surplus vs. China)
2. Coal, solid fuels made from coal: $7.6 billion (10.1%)
3. Gold (unwrought): $6.3 billion (8.4%)
4. Copper ores, concentrates: $1.9 billion (2.5%)
5. Refined copper, unwrought alloys: $1.6 billion (2.1%)
6. Wool (uncarded, uncombed): $1.5 billion (2%)
7. Cotton (uncarded, uncombed): $1 billion (1.3%)
8. Manganese ores, concentrates: $866.2 million (1.2%)
9. Nickel ores, concentrates: $623.3 million (0.8%)
10. Zinc ores, concentrates: $585.6 million (0.8%)

Among these, refined copper and unwrought alloys had the fastest-growing Australian surplus with China posting a 70.7% gain from 2010 to 2014. In second place was zinc up 38.4% followed by copper ahead by 32.8%.

Below are the products that gave Australia the highest surpluses in its international trade with Japan.

1. Coal, solid fuels made from coal: US$10.7 billion (40.3% of Australia’s product-specific surplus vs. Japan)
2. Iron ores, concentrates: $7.6 billion (28.6%)
3. Copper ores, concentrates: $1.4 billion (5.3%)
4. Aluminum (unwrought): $1.1 billion (4.1%)
5. Fresh or chilled beef: $808 million (3%)
6. Frozen beef: $677.7 million (2.5%)
7. Petroleum gases: $662.7 million (2.5%)
8. Refined copper, unwrought alloys: $516.9 million (1.9%)
9. Cheese, curd: $337.3 million (1.3%)
10. Wheat: $286.5 million (1.1%)

All of the above product categories declined in value since 2010. Overall, Australia posted a -7.7% drop in its trade with Japan in the 5-year period ending in 2014.

Below are the products that gave Australia the highest surpluses in its international trade with South Korea.

1. Iron ores, concentrates: US$4.7 billion (31.5% of Australia’s product-specific surplus vs. South Korea)
2. Coal, solid fuels made from coal: $4.6 billion (31.1%)
3. Aluminum (unwrought): $648.1 million (4.3%)
4. Frozen beef: $589.5 million (4%)
5. Medication mixes in dosage: $525 million (3.5%)
6. Copper ores, concentrates: $348 million (2.3%)
7. Wheat: $313.4 million (2.1%)
8. Precious metal ores, concentrates: $292.8 million (2%)
9. Zinc ores, concentrates: $280.6 million (1.9%)
10. Fresh or chilled beef: $260.6 million (1.7%)

Among these, frozen beef had the fastest-growing Australian surplus with South Korea posting a 37% gain from 2010 to 2014. In second place was zinc up 27.3% followed by unwrought aluminum ahead by 11.5%.