From a global perspective, Australia shipped US$370.9 billion worth of exported products around the globe in 2023. That dollar amount results from a 36.1% increase from $272.6 billion during 2019.
Year over year, the value of Australian exports shrank by -7.8% compared to $402.2 billion for 2022.
Applying a continental lens, 84% of Australia exports by value were delivered to customers in Asia while a more modest 5.4% were sold to importers in Europe. Australia shipped another 5.2% worth of goods to North America.
Smaller percentages went to buyers in 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.
Australia’s Top Trading Partners
Below is a list showcasing 25 of Australia’s top trading partners, countries that imported the most Australian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Australian exports.
- China: US$122.4 billion (33% of total US exports)
- Japan: $36.5 billion (9.8%)
- South Korea: $20.3 billion (5.5%)
- India: $14.3 billion (3.9%)
- United States: $13.5 billion (3.7%)
- Taiwan: $10.1 billion (2.7%)
- New Zealand: $8.4 billion (2.3%)
- Vietnam: $7.7 billion (2.1%)
- Indonesia: $7.4 billion (2%)
- Singapore: $7 billion (1.9%)
- Hong Kong: $6.5 billion (1.8%)
- Malaysia: $5.7 billion (1.5%)
- Thailand: $4.4 billion (1.2%)
- United Kingdom: $3.8 billion (1%)
- Netherlands: $3.2 billion (0.9%)
- United Arab Emirates: $3.1 billion (0.8%)
- Philippines: $2.29 billion (0.6%)
- Germany: $2.29 billion (0.6%)
- Canada: $1.64 billion (0.4%)
- Switzerland: $1.59 billion (0.4%)
- Papua New Guinea: $1.5 billion (0.4%)
- France: $1.4 billion (0.4%)
- Bangladesh: $1.3 billion (0.3%)
- Brazil: $1.24 billion (0.3%)
- Belgium: $1.17 billion (0.3%)
More than three-quarters (77.8%) of Australian exports in 2023 was delivered to the above 25 trade partners.
Growing their purchases of products exported from Australia at the fastest pace were customers in the United Kingdom (up 78.8% from 2022), Singapore (up 45.2%), Hong Kong (up 19.1%), Canada (up 19.1%) and mainland China (up 17.8%).
Importers that reduced spending on Australian exports at the severest levels were Germany (down -34% from 2022), Belgium (down -33.4%), France (down -26%), Japan (down -25.9%), Netherlands (down -24.5%) and Taiwan (down -20.3%).
Countries Causing Australia’s Worst Trade Surpluses
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Australia incurred the highest trade deficits doing business with the following countries.
- United States: -US$17.1 billion (country-specific trade deficit in 2023)
- Germany: -$9.7 billion
- Thailand: -$8.2 billion
- Malaysia: -$6.6 billion
- Italy: -$5.7 billion
- Singapore: -$3.7 billion
- France: -$3.5 billion
- Mexico: -$2.2 billion
- Brunei Darussalam: -$2.1 billion
- Spain: -$1.6 billion
Among Australia’s trading partners that cause the greatest negative trade balances, Australian deficits with Spain (up 41.5%), France (up 33.3%) and Germany (up 22.3%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate Australia’s competitive disadvantages with the above countries, but also represent key opportunities for Australia to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Australia’s Best Trade Surpluses
Australia generated an overall US$95.2 billion surplus in 2023, down by -15% from $112.1 billion in black ink one year earlier for 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Australia garnered the highest trade surpluses at the expense of the following countries.
- China: US$53.4 billion (country-specific trade surplus in 2023)
- Japan: $19.2 billion
- India: $8.4 billion
- Hong Kong: $5.9 billion
- Taiwan: $4.2 billion
- Indonesia: $3.8 billion
- New Zealand: $3.5 billion
- South Korea: $2.8 billion
- United Arab Emirates: $2.3 billion
- Philippines: $1.6 billion
Among Australia’s trading partners that generate the greatest positive trade balances, Australian surpluses with China (up 100.5%), Hong Kong (up 29%) and the United Arab Emirates (up 15%) grew by double-digits from 2022 to 2023.
These positive cashflow streams clearly indicate Australia’s competitive advantages with the above countries, but also represent key opportunities for Australia to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Australian Trading Partners
Thirty-six Australian corporations rank among Forbes Global 2000. Below is a selected sample of the major Aussie companies that Forbes included:
- BHP Billiton (diversified metals)
- Fortescue Metals Group (iron, steel)
- Woodside Petroleum (oil, gas)
- Amcor (containers, packaging)
- Santos (oil, gas)
- Caltex Australia (oil, gas)
- Orica (diversified metals)
- Newcrest Mining (diversified metals)
According to IMPORTERS.com listings for Australian suppliers, the following are examples of companies that ship products from Australia to its trading partners around the globe. Shown within parenthesis are products that the Australian business provides.
- Bullys Beef Pty Ltd (beef)
- Cotton Tree Trading Pty Ltd (dairy products)
- Harts Food And Beverages PL (coconut water)
- Logreen Pty Ltd (food additives, vanilla beans)
- Metabolic Food Company (breakfast cereal blends)
- Platinum Direct (premium wines)
- Rasile Global Importers P/L (food, beverages)
- Scorex (meat, poultry)
- Sunnyfresh Grapes Australia (grapes)
- Waverley Australia Pty Ltd (blankets, rugs, quilts)
See also Australia’s Top 10 Imports, 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 2, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 2, 2024
IMPORTERS.com The Online Market for G20 Importers, Australia Import Export Directory. Accessed on March 2, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on March 2, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 2, 2024
International Trade Centre, Trade Map. Accessed on March 2, 2024
Investopedia, Net Exports Definition. Accessed on March 2, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 2, 2024
Wikipedia, Gross domestic product. Accessed on March 2, 2024
Wikipedia, List of Companies of Australia. Accessed on March 2, 2024
Wikipedia, Purchasing power parity. Accessed on March 2, 2024
Zepol’s Company summary highlights by country. Accessed on March 2, 2024