That dollar amount results from a 35.8% increase from $254.5 billion five years during 2020.
From 2023 to 2024, overall sales of goods exported from Australia shrank -6.8% year over year compared to $370.9 billion in 2023.
Many people overlook the geographic fact that Australia is a sovereign nation located in the Southern Hemisphere comprised of the Australian continental mainland plus Tasmania and many smaller islands.
Based on the average exchange rate for 2024, the Australian dollar depreciated by -0.7% against the US dollar from 2023 to 2024. Australia’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers that pay starting from American currency.
Australia’s biggest export products by value in 2024 were iron ores and concentrates, coal and solid fuels made from coal, petroleum gases, unwrought gold then crude oil. In aggregate, those 5 major exports accounted for 62.6% of overall exports sales from Australia. That relatively large percentage belies a relatively concentrated range of exported goods.
Australia ranks among the world leaders for exporting iron, coal and petroleum gases.
Australia’s Best International Trade Customers
The latest available country-specific data shows that 70.8% of products exported from Australia was bought by importers in: mainland China (35.6% of the Australian total), Japan (7.5%), South Korea (5.2%), India (5.1%), United States (4%), Taiwan (2.8%), New Zealand (2.7%), Indonesia (2.2%), Singapore (2.2%), Hong Kong (1.8%), Vietnam (1.7%) and United Kingdom (1.3%).
From a continental perspective, 81.5% of Australia exports by value was delivered to Asian countries while 6.7% was sold to European importers. Australia shipped another 6.2% worth of goods to buyers in North America.
Smaller percentages went to customers in Oceania (3.9%) led by New Zealand and Papua New Guinea, Africa (1%) then Latin America (0.8%) plus the Caribbean but minus Mexico.
Given Australia’s population of 27.3 million people, its total $345.7 billion in 2024 exported products translates to roughly $12,700 for every resident in the largest country in the Oceania continent. That dollar amount lags the per-capita average of $14,000 for 2023.
Australia’s Top 10 Exports
The following export product groups categorize the highest dollar value in Australian global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Australia.
- Mineral fuels including oil: US$113.4 billion (32.8% of total exports)
- Ores, slag, ash: $96.8 billion (28%)
- Gems, precious metals: $25.7 billion (7.4%)
- Meat: $14.5 billion (4.2%)
- Cereals: $8.4 billion (2.4%)
- Inorganic chemicals: $7.6 billion (2.2%)
- Machinery including computers: $5.7 billion (1.6%)
- Aluminum: $4.8 billion (1.4%)
- Copper: $4.4 billion (1.3%)
- Electrical machinery, equipment: $4.2 billion (1.2%)
Australia’s top 10 export product categories generated over four-fifths (82.6%) of the overall value of total Australian shipments.
Inorganic chemicals represent the fastest grower among the top 10 export categories, up by 20.4% since 2023.
In second place for improving export sales was gems and precious metals which was up by 19.5%, led by gold.
Australia’s shipments of meat posted the third-fastest gain in value via a 17.3% advance.
The leading decliner among Australia’s top 10 export categories was cereals which fell -35.7% year over year.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section below.
Searchable List of Australia’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Australia during 2024. Shown beside each product label is its total export value then the percentage increase or decrease since 2023.
| Rank | Australia's Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Iron ores, concentrates | $82,925,968,000 | -8.9% |
| 2 | Coal, solid fuels made from coal | $55,837,682,000 | -13.1% |
| 3 | Petroleum gases | $46,860,098,000 | -7.8% |
| 4 | Gold (unwrought) | $23,554,385,000 | +25% |
| 5 | Crude oil | $7,108,014,000 | -9.4% |
| 6 | Aluminum oxide/hydroxide | $7,033,289,000 | +26.8% |
| 7 | Frozen beef | $5,998,830,000 | +20.2% |
| 8 | Wheat | $5,625,538,000 | -39.7% |
| 9 | Copper ores, concentrates | $4,100,784,000 | -8.2% |
| 10 | Aluminum (unwrought) | $3,820,159,000 | +7.9% |
| 11 | Sheep or goat meat | $3,808,287,000 | +17.1% |
| 12 | Refined copper, unwrought alloys | $3,591,817,000 | +4.6% |
| 13 | Fresh or chilled beef | $3,569,647,000 | +17.5% |
| 14 | Vermiculite, perlite | $3,339,269,000 | -74.8% |
| 15 | Processed petroleum oils | $3,338,147,000 | +23.7% |
| 16 | Rape/colza seeds | $3,024,315,000 | -8% |
| 17 | Cotton (uncarded, uncombed) | $2,536,234,000 | -13.9% |
| 18 | Dried shelled vegetables | $2,431,230,000 | +17.4% |
| 19 | Wool (uncarded, uncombed) | $1,852,197,000 | -9.5% |
| 20 | Wine | $1,804,128,000 | +29.6% |
| 21 | Blood fractions (including antisera) | $1,682,833,000 | +24.8% |
| 22 | Aluminum ores, concentrates | $1,653,315,000 | +47.1% |
| 23 | Barley | $1,639,252,000 | -28.7% |
| 24 | Precious metal ores, concentrates | $1,589,464,000 | -7.2% |
| 25 | Zinc ores, concentrates | $1,536,533,000 | +5.8% |
| 26 | Medication mixes in dosage | $1,325,349,000 | +16.9% |
| 27 | Phone system devices | $1,270,380,000 | +8.5% |
| 28 | Aircraft or spacecraft parts | $1,227,895,000 | +12% |
| 29 | Zinc (unwrought) | $1,171,875,000 | -11.2% |
| 30 | Orthopedic appliances | $1,089,643,000 | +172.5% |
| 31 | Iron or steel scrap | $1,070,333,000 | +20.9% |
| 32 | Mechano-therapy appliances | $1,064,162,000 | -5.3% |
| 33 | Concentrated/sweetened milk, cream | $1,021,287,000 | +12% |
| 34 | Miscellaneous nuts | $977,610,000 | +48.2% |
| 35 | Coins | $905,077,000 | -32.7% |
| 36 | Aluminum waste, scrap | $877,473,000 | +14.3% |
| 37 | Red meat offal | $856,775,000 | +6% |
| 38 | Other food preparations | $832,432,000 | -4.8% |
| 39 | Automobile parts/accessories | $827,330,000 | +9.3% |
| 40 | Cheese, curd | $808,179,000 | +18% |
| 41 | Fuel wood, wood chips, sawdust | $758,706,000 | -9.5% |
| 42 | Computers, optical readers | $751,030,000 | +7.9% |
| 43 | Lead (unwrought) | $700,975,000 | +10.9% |
| 44 | Sorghum grain | $676,691,000 | -21.8% |
| 45 | Metal-containing ash, residues | $642,493,000 | +102.9% |
| 46 | Copper waste, scrap | $640,401,000 | +4% |
| 47 | Lead ores, concentrates | $626,459,000 | +17.9% |
| 48 | Bovine, sheep or goat fats | $580,889,000 | -15.4% |
| 49 | Electro-medical equipment (e.g. xrays) | $580,442,000 | +6.3% |
| 50 | Other coloring matter, luminophores | $570,357,000 | +21.8% |
| 51 | Live bovine cattle | $569,963,000 | -11.3% |
| 52 | Hay, alfalfa, clover | $527,276,000 | -16.3% |
| 53 | Beauty/makeup/skin care preparations | $527,124,000 | +2% |
| 54 | Aircraft, spacecraft | $485,505,000 | +191.5% |
| 55 | Machinery parts | $480,168,000 | +35.2% |
| 56 | Table games, bowling equipment | $469,658,000 | +54% |
| 57 | Jewelry | $452,083,000 | -12.1% |
| 58 | Silver (unwrought) | $425,150,000 | +172.9% |
| 59 | Fresh or dried citrus fruit | $419,602,000 | +16.9% |
| 60 | Malt | $373,681,000 | -19.9% |
| 61 | Flour/meal/starch/malt extract food preparations | $370,385,000 | -5.4% |
| 62 | Liquid pumps and elevators | $360,386,000 | +9% |
| 63 | Provitamins, vitamins | $360,209,000 | -25.7% |
| 64 | Grapes (fresh or dried) | $356,144,000 | -12.6% |
| 65 | Miscellaneous machinery | $348,736,000 | +14.5% |
| 66 | Turbo-jets | $337,732,000 | +38.4% |
| 67 | Crustaceans (including lobsters) | $332,039,000 | -2.1% |
| 68 | Tin ores, concentrates | $331,880,000 | +45.7% |
| 69 | Flat-rolled iron or non-alloy steel products (plated/coated) | $317,839,000 | +31.2% |
| 70 | Sort/screen/washing machinery | $314,201,000 | -3.3% |
| 71 | Uncoated kraft paper | $305,472,000 | +2.8% |
| 72 | Hot-rolled iron or non-alloy steel products | $302,720,000 | +83.2% |
| 73 | Yachts, other pleasure/sports vessels | $295,104,000 | -17% |
| 74 | Microphones/headphones/amps | $269,420,000 | +13.4% |
| 75 | Oil seeds | $268,213,000 | -13.7% |
| 76 | Fertilizer mixes | $266,867,000 | +36.7% |
| 77 | Rape/colza/mustard oil | $265,569,000 | +6.4% |
| 78 | Whole fish (fresh) | $262,336,000 | -10.5% |
| 79 | Taps, valves, similar appliances | $251,565,000 | +3.8% |
| 80 | Chocolate, other cocoa preparations | $248,481,000 | +16.8% |
| 81 | Coke, semi-coke | $247,692,000 | +142.4% |
| 82 | Rice | $246,476,000 | -12.5% |
| 83 | Physical/chemical analysis tools | $233,775,000 | +4.6% |
| 84 | Rough wood | $231,168,000 | +132.4% |
| 85 | Miscellaneous animal feed preparations | $225,527,000 | +10% |
| 86 | Electrical/optical circuit boards, panels | $224,475,000 | +45% |
| 87 | Inedible meat flour | $215,823,000 | -9.7% |
| 88 | Lower-voltage switches, fuses | $215,407,000 | -5.7% |
| 89 | Not concentrated/unsweetened milk, cream | $211,671,000 | -6.2% |
| 90 | Wheat gluten | $210,637,000 | -34.4% |
| 91 | Electrical converters/power units | $208,291,000 | -1.8% |
| 92 | Cars | $208,079,000 | +1.6% |
| 93 | Computer parts, accessories | $203,758,000 | +24.5% |
| 94 | Piston engine parts | $202,211,000 | -12.3% |
| 95 | Insulated wire/cable | $199,946,000 | +33.6% |
| 96 | Centrifuges, filters and purifiers | $198,375,000 | -15.7% |
| 97 | Nickel matte, oxide sinters | $197,709,000 | +72057% |
| 98 | Survey/hydro/weather instruments | $195,856,000 | +16% |
| 99 | Bread, biscuits, cakes, pastries | $192,621,000 | +43.3% |
| 100 | Bovine/equine rawhides, skins | $192,175,000 | +15.6% |
These 100 exported goods were worth a subtotal of US$315.4 billion or 91.2% by value for all products exported from the Land Down Under during 2024.
Products Driving Australia’s Best Trade Surpluses
Overall Australia generated a US$61.2 billion surplus in 2024 down by -35.4% from $94.8 billion one year earlier for 2023.
The following types of Australian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Ores, slag, ash: US$96.1 billion (Down by -7.4% since 2023)
- Mineral fuels including oil: $75.5 billion (Down by -10.7%)
- Gems, precious metals: $16.6 billion (Up by 30.1%)
- Meat: $13.8 billion (Up by 17.1%)
- Cereals: $8.1 billion (Down by -36.7%)
- Inorganic chemicals: $5.7 billion (Up by 30.2%)
- Oil seeds: $3.6 billion (Down by -11.7%)
- Copper: $3.3 billion (Down by -0.4%)
- Salt, sulphur, stone, cement: $3.1 billion (Down by -76.1%)
- Cotton: $2.5 billion (Down by -14%)
Australia has highly positive net exports in the international trade of iron ores and concentrates. In turn, these cashflows indicate Australia’s strong competitive advantages under the ores, slag and ash product category.
Products Causing Australia’s Worst Trade Deficits
Below are exports from Australia that are negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Australia’s goods trail Australian importer spending on foreign products.
- Vehicles: -US$41 billion (Down by -1.2% since 2023
- Machinery including computers: -$35.2 billion (Up by 5.2%)
- Electrical machinery, equipment: -$27.1 billion (Up by 8.4%)
- Pharmaceuticals: -$7.7 billion (Down by -8.2%)
- Plastics, plastic articles: -$6.4 billion (Up by 6.8%)
- Articles of iron or steel: -$6.1 billion (Up by 15.3%)
- Optical, technical, medical apparatus: -$5.9 billion (Up by 0.5%)
- Furniture, bedding, lighting, signs, prefab buildings: -$4.9 billion (Up by 8.1%)
- Knit or crochet clothing, accessories: -$3.8 billion (Up by 5.4%)
- Rubber, rubber articles: -$3.7 billion (Up by 8.4%)
Australia has highly negative net exports and therefore deep international trade deficits for vehicles notably cars, trucks, tractors and automotive parts or accessories.
These cashflow deficiencies clearly indicate Australia’s competitive disadvantages in the international machinery market but also represent key opportunities for Australia to improve its position in the global economy through focused innovations.
Examples of Australian Export Companies
Listed below are some of the larger international trade players for Australia.
- Amcor (containers, packaging)
- BHP Billiton (diversified metals)
- CSL Limited (biotech)
- Fortescue Metals Group (iron, steel)
- Newcrest Mining (diversified metals)
- Orica (diversified metals)
- Santos (oil, gas)
- Woodside Petroleum (oil, gas)
According to global trade intelligence firm Zepol, the following companies are also examples of Australian exporters.
- Australia Meat Holdings (bovine meat, offal)
- Elektromotive Australia (bicycles, motorcycles)
- Maersk Logistics Australia (wine, malt beer)
- Spiral Guard Australia (plastic items, tubes/pipes/hoses, plates/sheets/film/foil)
In macroeconomic terms, Australia’s total exported goods represent 18.2% of its overall Gross Domestic Product for 2024 ($1.898 trillion valued in Purchasing Power Parity US dollars) compared to 21.6% one year earlier. Albeit based on a short timeframe, those metrics seem to indicate a relatively decreasing impact of international trade on Australia’s economy.
Another key indicator of a country’s economic performance is its unemployment rate. Australia’s unemployment rate averaged 4.15% for 2024, up from an average 3.692% in 2023 according to International Monetary Fund statistics.
Australia’s capital city is Canberra.
See also Australia’s Top 10 Imports, Australia’s Top Trading Partners and Australia’s Top 10 Major Export Companies
Research Sources:
Australian Bureau of Statistics, Labour Force, Australia Latest release. Accessed on March 3, 2025
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 3, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 3, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 3, 2025
International Trade Centre, Trade Map. Accessed on March 3, 2025
Investopedia, Net Exports Definition. Accessed on March 3, 2025
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 3, 2025
Wikipedia, Gross domestic product. Accessed on March 3, 2025
Wikipedia, List of Companies of Australia. Accessed on March 3, 2025
Wikipedia, Purchasing power parity. Accessed on March 3, 2025
X-rates.com, Exchange Rates: Euro to US Dollar (monthly average 2024). Accessed on March 3, 2025
Zepol’s Company summary highlights by country. Accessed on March 3, 2025