Australian exports to exceeded Australia’s imports from Asian nations by $65.4 billion in 2014. Similarly, Australia achieved a $3.8 billion surplus with Middle Eastern trade partners.
The fact that Australia earns these country-specific trade surpluses indicates Australian competitive advantages for a specific set of export products highlighted below.
These major product supply advantages are root causes for resource-rich Australia’s international trade wins albeit the Aussie overall balance lagged leader China’s $384.3 billion surplus.
Australia’s trade surplus in 2014 dropped by 28.2% since 2010 when its positive balance stood at $18 billion.
Australia Major Product Supply Advantages
- Top 10
- Growth
- Detail
Top 10
Presented in descending order, the following list showcases the general product categories under which Australia earned the highest trade surpluses in 2014.
- Ores, slag, ash: US$72.9 billion (48.6% of all product surpluses)
- Mineral fuels including oil: $27.7 billion (18.5%)
- Meat: $9.8 billion (6.6%)
- Gems, precious metals: $7.5 billion (5%)
- Cereals: $7.2 billion (4.8%)
- Inorganic chemicals: $4.5 billion (3%)
- Aluminum: $2.6 billion (1.7%)
- Copper: $2.6 billion (1.7%)
- Wool: $2.1 billion (1.4%)
- 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.
Growth
Detail
Australia Major Product Supply Advantages by Country
- Top 10
- Growth
- China
- Japan
- Korea
Top 10
Presented in descending order, the following list shows with which trade partners Australia earned the highest trade surpluses in 2014.
- China: US$34.6 billion (39.3% of Australian country-specific surpluses)
- Japan: $27.7 billion (31.4%)
- South Korea: $7.3 billion (8.3%)
- India: $5.2 billion (5.9%)
- Taiwan: $2.2 billion (2.5%)
- Saudi Arabia: $1.6 billion (1.9%)
- Hong Kong: $1.5 billion (1.7%)
- Bahrain: $593.9 million (0.7%)
- Kuwait: $469.1 million (0.5%)
- 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.
Growth
China
Japan
Korea
See also Australia’s Top 10 Exports, Highest Value Australian Export Products, Australia’s Top 10 Imports and Australia’s Top Import Partners
Research Sources:
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on December 10, 2015
Trade Map, International Trade Centre. Accessed on December 10, 2015
Investopedia, Net Exports Definition. Accessed on December 10, 2015