That dollar amount reflects a 36.1% increase from $272.6 billion five years during 2019.
From 2022 to 2023, overall sales of goods exported from Australia shrank -7.8% year over year compared to $402.2 billion in 2022.
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 2023, the Australian dollar depreciated by -4.6% against the US dollar since 2019 and declined by -4.4% from 2022 to 2023. 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 2023 were iron ores and concentrates, coal and solid fuels made from coal, petroleum gases, gold, then vermiculite and perlite. In aggregate, those 5 major exports accounted for 64.3% 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 were bought by importers in: mainland China (35.6% of the Australian total), Japan (7.5%), South Korea (5.2%), India (5.1%), United States of America (4%), Taiwan (2.8%), New Zealand (2.7%), Vietnam (2.2%), Indonesia (also 2.2%), Singapore (1.8%), Hong Kong (1.7%) and Malaysia (1.3%).
From a continental perspective, 84% of Australian exports by value was delivered to customers in Asia while a more modest 5.4% was sold to importers in Europe. Australia shipped another 5.2% worth of goods to buyers in North America.
Smaller percentages went to 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.
Given Australia’s population of 26.6 million people, its total $370.9 billion in 2023 exported products translates to roughly $14,000 for every resident in the largest country in the Oceania continent. That dollar amount is lags the per-capita average of $15,400 in 2022.
Australia’s Top 10 Exports
The following export product groups categorize the highest dollar value in Australian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Australia.
- Mineral fuels including oil: US$125.9 billion (34% of total exports)
- Ores, slag, ash: $104.4 billion (28.1%)
- Gems, precious metals: $21.4 billion (5.8%)
- Salt, sulphur, stone, cement: $13.4 billion (3.6%)
- Cereals: $13.1 billion (3.5%)
- Meat: $12.3 billion (3.3%)
- Inorganic chemicals: $6.3 billion (1.7%)
- Machinery including computers: $5.3 billion (1.4%)
- Oil seeds: $4.5 billion (1.2%)
- Aluminum: $4.4 billion (1.2%)
Australia’s top 10 exports generated over four-fifths (83.9%) of the overall value of total Australian shipments.
Salt, sulphur, stone and cement was the fastest grower among the top 10 export categories, up by 56.1% since 2022.
In second place for improving export sales was gems and precious metals, which was up by 10.2% led by gold.
Australia’s shipments of machinery including computers posted the third-fastest gain in value, up by 6.3% year over year.
The leading decliner among Australia’s top 10 export categories was oil seeds via a -26.7% fall.
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 Searchable List of Australia’s Most Valuable Export Products further down near the bottom of this article.
Products Driving Australia’s Best Trade Surpluses
Overall Australia generated a US$95.2 billion surplus in 2023 down by -15% from $112.1 billion one year earlier for 2022.
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$103.8 billion (Up by 1.9% since 2022)
- Mineral fuels including oil: $84.8 billion (Down by -25.1%)
- Salt, sulphur, stone, cement: $12.84 billion (Up by 61.9%)
- Cereals: $12.83 billion (Down by -5.4%)
- Gems, precious metals: $12.75 billion (Up by 12.1%)
- Meat: $11.8 billion (Up by 3.2%)
- Inorganic chemicals: $4.4 billion (Down by -9.4%)
- Oil seeds: $4 billion (Down by -29.1%)
- Copper: $3.3 billion (Up by 7.5%)
- Cotton: $2.9 billion (Down by -4.5%)
Australia has highly positive net exports in the international trade of petroleum gases and, to a lesser extent, crude oil. In turn, these cashflows indicate Australia’s strong competitive advantages under the mineral fuels including oil 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$41.4 billion (Up by 20.7% since 2022)
- Machinery including computers: -$33.4 billion (Down by -2.9%)
- Electrical machinery, equipment: -$25 billion (Down by -3.9%)
- Pharmaceuticals: -$8.4 billion (Down by -19.4%)
- Plastics, plastic articles: -$6 billion (Down by -12.6%)
- Optical, technical, medical apparatus: -$5.9 billion (Up by 2.4%)
- Articles of iron or steel: -$5.3 billion (Down by -7.3%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$4.5 billion (Down by -16.4%)
- Knit or crochet clothing, accessories: -$3.6 billion (Down by -11.1%)
- Clothing, accessories (not knit or crochet): -$3.5 billion (Down by -7.5%)
Australia has highly negative net exports and therefore deep international trade deficits for vehicles, notably cars, trucks, tractors and automotive parts or accessories.
These cashflow deficiencies clearly indicate Australia’s competitive disadvantages in the international machinery market, but also represent key opportunities for Australia to improve its position in the global economy through focused innovations.
Examples of Australian Export Companies
Listed below are some of the larger international trade players for Australia.
- Amcor (containers, packaging)
- BHP Billiton (diversified metals)
- CSL Limited (biotech)
- Fortescue Metals Group (iron, steel)
- Newcrest Mining (diversified metals)
- Orica (diversified metals)
- Santos (oil, gas)
- Woodside Petroleum (oil, gas)
According to global trade intelligence firm Zepol, the following companies are also examples of Australian exporters.
- Australia Meat Holdings (bovine meat, offal)
- Elektromotive Australia (bicycles, motorcycles)
- Maersk Logistics Australia (wine, malt beer)
- Spiral Guard Australia (plastic items, tubes/pipes/hoses, plates/sheets/film/foil)
Searchable List of Australia’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Australia during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Australia's Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Iron ores, concentrates | $90,970,291,000 | +3.8% |
| 2 | Coal, solid fuels made from coal | $64,375,442,000 | -22.7% |
| 3 | Petroleum gases | $50,906,196,000 | -19.4% |
| 4 | Gold (unwrought) | $18,799,891,000 | +14.9% |
| 5 | Vermiculite, perlite | $13,290,269,000 | +57.5% |
| 6 | Wheat | $9,394,979,000 | -7.7% |
| 7 | Crude oil | $7,840,126,000 | -22.6% |
| 8 | Aluminum oxide/hydroxide | $5,539,032,000 | -10.9% |
| 9 | Frozen beef | $4,978,229,000 | +6% |
| 10 | Copper ores, concentrates | $4,476,857,000 | -12.3% |
| 11 | Aluminum (unwrought) | $3,536,667,000 | -14.5% |
| 12 | Refined copper, unwrought alloys | $3,433,428,000 | +0.4% |
| 13 | Rape/colza seeds | $3,304,379,000 | -32.9% |
| 14 | Sheep or goat meat | $3,245,869,000 | -8.6% |
| 15 | Fresh or chilled beef | $3,029,070,000 | +8.1% |
| 16 | Cotton (uncarded, uncombed) | $2,919,811,000 | -5.1% |
| 17 | Processed petroleum oils | $2,688,440,000 | -9.2% |
| 18 | Barley | $2,299,710,000 | -2.2% |
| 19 | Dried shelled vegetables | $2,075,782,000 | +28% |
| 20 | Wool (uncarded, uncombed) | $2,048,736,000 | -14.5% |
| 21 | Precious metal ores, concentrates | $1,710,021,000 | -8.2% |
| 22 | Zinc ores, concentrates | $1,451,812,000 | -31.3% |
| 23 | Wine | $1,389,521,000 | -7.9% |
| 24 | Blood fractions (including antisera) | $1,355,523,000 | +7.4% |
| 25 | Coins | $1,348,772,000 | -36.5% |
| 26 | Zinc (unwrought) | $1,318,098,000 | +8.3% |
| 27 | Phone system devices | $1,166,536,000 | +8.4% |
| 28 | Medication mixes in dosage | $1,132,134,000 | +1.4% |
| 29 | Mechano-therapy appliances | $1,124,383,000 | +20.2% |
| 30 | Aluminum ores, concentrates | $1,118,059,000 | +37.8% |
| 31 | Aircraft and spacecraft parts | $1,095,234,000 | +28.3% |
| 32 | Concentrated/sweetened milk, cream | $911,581,000 | -25.1% |
| 33 | Iron or steel scrap | $882,836,000 | +2% |
| 34 | Other food preparations | $872,673,000 | +23.5% |
| 35 | Sorghum grain | $864,141,000 | +7.1% |
| 36 | Fuel wood, wood chips, sawdust | $837,244,000 | -9.9% |
| 37 | Red meat offal | $806,026,000 | +3.8% |
| 38 | Aluminum waste, scrap | $766,409,000 | -7.8% |
| 39 | Automobile parts/accessories | $756,233,000 | -2.5% |
| 40 | Computers, optical readers | $696,146,000 | -11.8% |
| 41 | Bovine, sheep, goat fats | $684,518,000 | -7% |
| 42 | Cheese, curd | $683,863,000 | -9.8% |
| 43 | Miscellaneous nuts | $656,278,000 | -22.2% |
| 44 | Live bovine cattle | $643,282,000 | -26.9% |
| 45 | Lead (unwrought) | $633,882,000 | -5.5% |
| 46 | Hay, alfalfa, clover | $629,299,000 | +3.5% |
| 47 | Miscellaneous parts, accessories | $627,286,000 | -8.3% |
| 48 | Copper waste, scrap | $613,852,000 | +21.9% |
| 49 | Electro-medical equip (e.g. xrays) | $544,658,000 | +10.9% |
| 50 | Lead ores, concentrates | $528,231,000 | -2.8% |
| 51 | Beauty/makeup/skin care preparations | $515,616,000 | -9.2% |
| 52 | Jewelry | $514,120,000 | +25.6% |
| 53 | Provitamins, vitamins | $483,799,000 | +3.8% |
| 54 | Malt | $466,436,000 | -2.5% |
| 55 | Other coloring matter, luminophores | $466,145,000 | -23.3% |
| 56 | Grapes (fresh or dried) | $410,125,000 | +18.6% |
| 57 | Orthopedic appliances | $398,726,000 | +25.9% |
| 58 | Hydrazine, inorganic salts | $392,814,000 | -18.2% |
| 59 | Flour/meal/starch/malt extract food preparations | $392,077,000 | -30% |
| 60 | Machinery parts | $354,885,000 | -3.4% |
| 61 | Yachts, other pleasure/sports vessels | $354,866,000 | -22.1% |
| 62 | Fresh or dried citrus fruit | $354,490,000 | +16.4% |
| 63 | Crustaceans (including lobsters) | $339,188,000 | +24.1% |
| 64 | Liquid pumps and elevators | $329,764,000 | +32.8% |
| 65 | Sort/screen/washing machinery | $323,721,000 | +20.4% |
| 66 | Wheat gluten | $323,623,000 | +12.7% |
| 67 | Metal-containing ash, residues | $315,856,000 | +9.2% |
| 68 | Oil seeds | $308,728,000 | +6.5% |
| 69 | Miscellaneous machinery | $304,407,000 | +9.6% |
| 70 | Table games, bowling equipment | $304,096,000 | +70.9% |
| 71 | Uncoated kraft paper | $297,603,000 | -21.1% |
| 72 | Whole fish (fresh) | $294,337,000 | -6% |
| 73 | Rice | $282,020,000 | +28.9% |
| 74 | Rape/colza/mustard oil | $250,018,000 | -34.8% |
| 75 | Turbo-jets | $244,031,000 | +19.8% |
| 76 | Flat-rolled iron or non-alloy steel products (plated/coated) | $241,773,000 | -20.1% |
| 77 | Taps, valves, similar appliances | $241,621,000 | +3.9% |
| 78 | Inedible meat flour | $238,609,000 | +11.5% |
| 79 | Diamonds (unmounted/unset) | $238,201,000 | +116.9% |
| 80 | Microphones/headphones/amps | $236,826,000 | +0.9% |
| 81 | Centrifuges, filters and purifiers | $235,028,000 | +8.2% |
| 82 | Piston engine parts | $230,249,000 | +28.9% |
| 83 | Lower-voltage switches, fuses | $228,260,000 | -4% |
| 84 | Tin ores, concentrates | $227,091,000 | -13.9% |
| 85 | Not concentrated/unsweetened milk, cream | $225,368,000 | -17.3% |
| 86 | Physical/chemical analysis tools | $223,224,000 | -8% |
| 87 | Chocolate, other cocoa preparations | $212,457,000 | -20% |
| 88 | Electrical converters/power units | $212,176,000 | +14.4% |
| 89 | Miscellaneous animal feed preparations | $204,553,000 | -24.2% |
| 90 | Cars | $203,727,000 | -11% |
| 91 | Fertilizer mixes | $195,552,000 | -57.5% |
| 92 | Oats | $175,360,000 | -7.5% |
| 93 | Transmission shafts, gears, clutches | $174,405,000 | +19.8% |
| 94 | Precious metal waste, scrap | $172,131,000 | +7% |
| 95 | Alcohol (including spirits, liqueurs) | $170,516,000 | +11% |
| 96 | Trucks | $169,440,000 | +29.7% |
| 97 | Survey/hydro/weather instruments | $168,417,000 | -7.1% |
| 98 | Uncoated paper | $166,566,000 | -9.6% |
| 99 | Aircraft, spacecraft | $166,435,000 | +9.5% |
| 100 | Hot-rolled iron or non-alloy steel products | $165,503,000 | +28.6% |
These 100 exported goods were worth a subtotal of US$339.5 billion or 91.5% by value for all products exported from the Land Down Under during 2023.
In macroeconomic terms, Australia’s total exported goods represent 21.6% of its overall Gross Domestic Product for 2023 ($1.719 trillion valued in Purchasing Power Parity US dollars) compared to 24.8% 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 3.728% for 2023, up from an average 3.7% in 2022 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 22, 2024
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 22, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 22, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 22, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 22, 2024
International Trade Centre, Trade Map. Accessed on March 22, 2024
Investopedia, Net Exports Definition. Accessed on March 22, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 22, 2024
Wikipedia, Gross domestic product. Accessed on March 22, 2024
Wikipedia, List of Companies of Australia. Accessed on March 22, 2024
Wikipedia, Purchasing power parity. Accessed on March 22, 2024
Zepol’s Company summary highlights by country. Accessed on March 22, 2024