Spanning a five-year timespan, that dollar amount reflects a 40.6% increase in spending from $202.3 billion that Australia paid for imports during 2020.
Year over year, the total cost of Australian imports slowed to a 3.1% gain compared to $276 billion for 2023.
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 made Australian imports paid for in stronger US dollars relatively more expensive when converted starting from the Australian dollar.
Domestically, Australia’s inflation rate for average consumer prices increased by 3.315% in 2024. That inflation rate is lesser than an average 5.616% for 2023.
The 7 most valuable imports into Australia by dollar value are processed petroleum oils, cars, trucks, phone devices including smartphones, computers, gold then medication mixes in dosage. Collectively, those products represent about a third (33.4%) of the total spending for all products that Australia imported during 2024.
Best Suppliers for Australia’s Imported Products
The latest available country-specific data shows that 70.8% of products imported into Australia was furnished by exporters in: mainland China (35.6% of the Australian total), United States of America (7.5%), Japan (5.2%), South Korea (5.1%), Thailand (4%), Germany (2.8%), Malaysia (2.7%), Singapore (2.2%), Vietnam (also 2.2%), India (1.8%), Italy (1.7%) and Taiwan (1.3%).
Applying a continental lens, over three-fifths (63%) of Australia’s total imports by value in 2024 were purchased from Asian countries. Trade partners in Europe accounted for 18% of international purchases by Australia while another 14.1% worth came from suppliers in North America.
Fellows islands and other territories in the Oceania continent were responsible for furnishing 3% of Australia’s imports led by customers in New Zealand, Papua New Guinea and Australia.
Tinier percentages came from exporters in Africa (1.1%) and Latin America (0.9%) excluding Mexico but including the Caribbean.
Given Australia’s population of 27.3 million people, its total $284.5 billion in 2024 imports translates to roughly $10,400 in yearly product demand from every person in the largest Oceanian country. That per-capita average equals the average $10,400 in 2023.
Australia’s Top 10 Imports
The following product groups represent the highest dollar value in Australia’s import purchases during 2024. Also shown is the percentage share each product category represents in terms of overall imports into Australia.
- Vehicles: US$42.6 billion (15% of total imports)
- Machinery including computers: $40.9 billion (14.4%)
- Mineral fuels including oil: $37.9 billion (13.3%)
- Electrical machinery, equipment: $31.4 billion (11%)
- Pharmaceuticals: $10.9 billion (3.8%)
- Optical, technical, medical apparatus: $10.1 billion (3.5%)
- Gems, precious metals: $9 billion (3.2%)
- Plastics, plastic articles: $7.2 billion (2.5%)
- Articles of iron or steel: $6.8 billion (2.4%)
- Furniture, bedding, lighting, signs, prefab buildings: $5.2 billion (1.8%)
Australia’s top 10 import product categories exceeded two-thirds (71%) of the overall value of Australian product purchases from other countries.
The four fastest increases in Australia’s spending among the top 10 import categories from 2023 to 2024 belong to items made from iron or steel (up 13.8%), electrical machinery and equipment (up 8.2%), furniture, bedding, lighting, signs and prefabricated buildings, then plastics both materials and items made from plastic (also up 7.3%).
The severest percentage declines were for Australian imports of mineral fuels including oil (down -7.9% from 2023), pharmaceuticals (down -1.5%) and vehicles (down -1.3%).
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under the sections below is at the more granular 4-digit level.
Australia’s Best Vehicles Imports
In 2024, Australian importers spent the most on the following 10 subcategories of vehicles.
- Cars: US$23.6 billion (down -2.5% from 2023)
- Trucks: $10.5 billion (down -6.8%)
- Automobile parts/accessories: $3 billion (up 20.9%)
- Tractors: $1.5 billion (down -22.7%)
- Trailers: $1.1 billion (up 2.7%)
- Armored vehicles, tanks: $769.1 million (up 759.8%)
- Motorcycles: $633.7 million (down -11.7%)
- Special purpose vehicles: $584.1 million (up 1.9%)
- Public-transport vehicles: $299.5 million (up 64.8%)
- Bicycles, other non-motorized cycles: $158.4 million (down -16.9%)
Among these import subcategories, Australian purchases of armored vehicles and tanks (up 759.8%), public-transport vehicles (up 64.8%) then automobile parts or accessories (up 20.9%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Australian businesses and consumers.
Australia’s Best Machinery Imports
In 2024, Australian importers spent the most on the following 10 subcategories of machinery.
- Computers, optical readers: US$8.4 billion (up 20.1% from 2023)
- Heavy machinery (bulldozers, excavators, road rollers): $2.5 billion (down -18.9%)
- Machinery parts: $2 billion (down -0.9%)
- Taps, valves, similar appliances: $1.74 billion (up 16.4%)
- Temperature-change machines: $1.69 billion (up 125.7%)
- Turbo-jets: $1.62 billion (up 28.4%)
- Centrifuges, filters and purifiers: $1.61 billion (up 19.7%)
- Air conditioners: $1.39 billion (up 26.4%)
- Refrigerators, freezers: $1.37 billion (up 8.5%)
- Miscellaneous machinery: $1.28 billion (down -5.9%)
Among these import subcategories, Australian purchases of temperature-change machines (up 125.7%), turbo-jets (up 28.4%) then air conditioners (up 26.4%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Australian businesses and consumers.
Australia’s Best Fossil Fuels Imports
In 2024, Australian importers spent the most on the following 10 subcategories of mineral fuel-related products.
- Processed petroleum oils: US$31.6 billion (down -8.6% from 2023)
- Crude oil: $5.2 billion (down -0.7%)
- Petroleum oil residues: $571.9 million (down -30%)
- Petroleum gases: $202.9 million (up 4.1%)
- Coke, semi-coke: $124.9 million (down -14.1%)
- Tar pitch, coke: $72.6 million (up 31.1%)
- Petroleum jelly, mineral waxes: $29.7 million (down -10.2%)
- Coal tar oils (high temperature distillation): $26.4 million (down -6.6%)
- Coal, solid fuels made from coal: $24.7 million (down -36.9%)
- Distilled tar: $21 million (up 395.3%)
Among these import subcategories, Australian purchases of distilled tar (up 395.3%), tar pitch and coke (up 31.1%) then petroleum gases (up 4.1%) grew from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest (albeit declining) demand lies for different types of imported fuel among Australian businesses and consumers.
Australia’s Best Electronics Imports
In 2024, Australian importers spent the most on the following 10 subcategories of electronics-related products.
- Phone devices including smartphones: US$8.4 billion (down -4.4% from 2023)
- Electric storage batteries: $3.9 billion (up 89.4%)
- Electrical converters/power units: $2 billion (up 15.6%)
- Insulated wire/cable: $1.87 billion (up 13.7%)
- TV receivers/monitors/projectors: $1.84 billion (up 8.4%)
- Electric water heaters, hair dryers: $1.3 billion (up 12.3%)
- Microphones/headphones/amps: $1.15 billion (up 8.3%)
- Electrical/optical circuit boards, panels: $1.06 billion (up 13.8%)
- TV receiver/transmit/digital cameras: $1 billion (down -0.7%)
- Lower-voltage switches, fuses: $899.5 million (up 12.2%)
Among these import subcategories, Australian purchases of electric storage batteries (up 89.4%), electrical converters or power units (up 15.6%) then electrical or optical circuit boards and panels (up 13.8%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Australian businesses and consumers.
See also Australia’s Top Trading Partners, Australia’s Top 10 Exports and Australia’s Top 10 Major Export Companies
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 9, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 9, 2025
Imported Consumer Products, Australia’s Top 100 Imported Consumer Products. Accessed on June 20, 2024
International Trade Centre, Trade Map. Accessed on March 9, 2025
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 9, 2025
X-rates.com, Exchange Rates: Euro to US Dollar (monthly average 2024). Accessed on March 9, 2025