Australia imported US$275.7 billion worth of products from around the globe in 2023.

That dollar amount reflects a 28.7% increase in spending 27.1% from $214.3 billion that Australia paid for imports during 2019.

Year over year, the total cost of Australian imports fell by -5% compared to $290.1 billion in 2022.

Based on the average exchange rate for 2023, the Australian dollar depreciated by -4.6% against the US dollar since 2019 and diluted by -4.4% from 2022 to 2023. 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 5.779% in 2023. That inflation rate is lesser than an average 6.614% for 2022.

The 7 most valuable imports into Australia by dollar value are processed petroleum oils, cars, trucks, phone devices including smartphones, computers, medication mixes in dosage, and gold. Collectively, those products represent over a third (35.3%) of the total spending for all products that Australia imported during 2023.

Best Suppliers for Australia’s Imported Products

The latest available country-specific data shows that 70.8% of products imported into Australia were furnished by exporters in: mainland China (35.6% of the Australian total), United States of America (7.5%), South Korea (5.2%), Japan (5.1%), Thailand (4%), Malaysia (2.8%), Germany (2.7%), Singapore (2.2%), Vietnam (also 2.2%), Italy (1.8%), India (1.7%) and Taiwan (1.3%).

Applying a continental lens, over three-fifths (63.3%) of Australia’s total imports by value in 2023 were purchased from Asian countries. Trade partners in Europe accounted for 18.6% of international purchases by Australia while another 13.4% worth came from suppliers in North America.

Fellows islands and other territories in the Oceania continent were responsible for furnishing 2.9% of Australia’s imports led by customers in New Zealand, Papua New Guinea and Australia.

Tinier percentages came from exporters in Africa (1%) and Latin America (0.9%) excluding Mexico but including the Caribbean.

Given Australia’s population of 26.6 million people, its total $275.7 billion in 2023 imports translates to roughly $10,400 in yearly product demand from every person in the largest Oceanian country. That per-capita average lags the average $11,000 in 2022.

Australia’s Top 10 Imports

The following product groups represent the highest dollar value in Australia’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Australia.

1. Vehicles: US$43.1 billion (15.6% of total imports)
2. Mineral fuels including oil: $41.1 billion (14.9%)
3. Machinery including computers: $38.7 billion (14.1%)
4. Electrical machinery, equipment: $28.9 billion (10.5%)
5. Pharmaceuticals: $11.1 billion (4%)
6. Optical, technical, medical apparatus: $9.8 billion (3.6%)
7. Gems, precious metals: $8.7 billion (3.1%)
8. Plastics, plastic articles: $6.7 billion (2.4%)
9. Articles of iron or steel: $6 billion (2.2%)
10. Furniture, bedding, lighting, signs, prefabricated buildings: $4.8 billion (1.7%)

Australia’s top 10 imports approached three-quarters (72.2%) of the overall value of Australian product purchases from other countries.

The three increases in Australia’s spending among the top 10 import categories from 2022 to 2023 belong to vehicles (up 20.3%), gems and products (up 7.5%) led by gold, then optical, technical and medical apparatus (up 4%).

The severest percentage declines were for Australian imports of furniture, bedding, lighting, signs and prefabricated buildings (down -16% from 2022), pharmaceuticals (down -14.6%), and plastics both as materials and items made from plastic (down -13%).

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 2023, Australian importers spent the most on the following 10 subcategories of vehicles.

1. Cars: US$24.2 billion (up 25.5% from 2022)
2. Trucks: $11.2 billion (up 20.4%)
3. Automobile parts/accessories: $2.5 billion (down -3.9%)
4. Tractors: $1.9 billion (up 35.4%)
5. Trailers: $1 billion (up 4%)
6. Motorcycles: $718.3 million (down -16.6%)
7. Special purpose vehicles: $571.1 million (up 61.6%)
8. Bicycles, other non-motorized cycles: $190.5 million (down -38.8%)
9. Public-transport vehicles: $181.1 million (up 27.2%)
10. Motorcycle parts/accessories: $163.5 million (down -26%)

Among these import subcategories, Australian purchases of special purpose vehicles (up 61.6%), tractors (up 35.4%) then public-transport vehicles (up 27.2%) grew at the fastest pace from 2022 to 2023.

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 Fossil Fuels Imports

In 2023, Australian importers spent the most on the following 10 subcategories of mineral fuel-related products.

1. Processed petroleum oils: US$34.5 billion (down -8.1% from 2022)
2. Crude oil: $5.2 billion (down -27.7%)
3. Petroleum oil residues: $819.6 million (down -9.4%)
4. Petroleum gases: $195.3 million (down -20.1%)
5. Coke, semi-coke: $144.4 million (down -23.1%)
6. Tar pitch, coke: $55.5 million (down -32.9%)
7. Coal, solid fuels made from coal: $39.2 million (down -24%)
8. Petroleum jelly, mineral waxes: $33 million (down -19.2%)
9. Coal tar oils (high temperature distillation): $28.3 million (down -5.9%)
10. Peat: $16.9 million (down -18.8%)

Among these import subcategories, Australian purchases of high temperature distilled coal tar oils (down -5.9%) recorded the mildest decline from 2022 to 2023.

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 Machinery Imports

In 2023, Australian importers spent the most on the following 10 subcategories of machinery.

1. Computers, optical readers: US$7 billion (down -19.2% from 2022)
2. Heavy machinery (bulldozers, excavators, road rollers): $3.1 billion (up 3.9%)
3. Machinery parts: $2 billion (up 6.7%)
4. Taps, valves, similar appliances: $1.49 billion (down -0.7%)
5. Harvest/threshing machinery: $1.45 billion (up 6.1%)
6. Miscellaneous machinery: $1.36 billion (up 16.8%)
7. Centrifuges, filters and purifiers: $1.34 billion (down -7.7%)
8. Refrigerators, freezers: $1.26 billion (down -12.1%)
9. Turbo-jets: $1.26 billion (up 43.7%)
10. Lifting/loading machinery: $1.2 billion (up 9.3%)

Among these import subcategories, Australian purchases of turbo-jets (up 43.7%), miscellaneous machinery (up 16.8%) then lifting or loading machinery (up 9.3%) grew at the fastest pace from 2022 to 2023.

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 Electronics Imports

In 2023, Australian importers spent the most on the following 10 subcategories of electronics-related products.

1. Phone devices including smartphones: US$8.8 billion (down -1.4% from 2022)
2. Electric storage batteries: $2 billion (up 27.5%)
3. Electrical converters/power units: $1.73 billion (up 10.3%)
4. TV receivers/monitors/projectors: $1.69 billion (down -23.7%)
5. Insulated wire/cable: $1.64 billion (down -1.5%)
6. Solar power diodes/semi-conductors: $1.4 billion (down -7.2%)
7. Electric water heaters, hair dryers: $1.12 billion (down -13.5%)
8. Microphones/headphones/amps: $1.06 billion (down -12.3%)
9. TV receiver/transmit/digital cameras: $1 billion (up 5.5%)
10. Electrical/optical circuit boards, panels: $929.3 million (up 20.8%)

Among these import subcategories, Australian purchases of electric storage batteries (up 27.5%), electrical or optical circuit boards and panels (up 20.8%), then electrical converters and power units (up 10.3%) grew at the fastest pace from 2022 to 2023.

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 27, 2024

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 27, 2024

Imported Consumer Products, Australia’s Top 100 Imported Consumer Products. Accessed on June 20, 2023

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 27, 2024

International Trade Centre, Trade Map. Accessed on March 27, 2024

Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 27, 2024