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The economy of Australia is the 12th largest economy in the world by nominal gross domestic product (GDP), which in 2015 was $1.62 trillion. In 2014, this country was considered the 21st largest export economy in the world. Australia participates in trade with a number of countries around the world. This article takes a look at the country’s top two-way trade partners, which takes into account both imports and exports.
Australia’s biggest two-way trade partner is China. Its exports to China are valued at $98.2 billion and its imports from China are worth $54.3 billion. This gives Australia a $44 billion positive trade balance with this country. Approximately 34% of Australia’s total exports go to China.
The largest percentage of these exports includes the following products: iron ore ($46 billion), coal briquettes ($7.74 billion), gold ($6.34 billion), crude petroleum ($1.89 billion), and refined copper ($1.88 billion). In return, approximately 21% of the imports that Australia receives originate in China. The principal imports include: computers ($5.06 billion), broadcasting equipment ($2.96 billion), telephones ($1.43 billion), other furniture ($966 million), and seats ($814 million).
Japan is listed as the second largest trade partner of Australia. In fact, in April of 2014, the governments of Australia and Japan signed a free trade agreement after nearly a decade of negotiations. This agreement was the first of its kind between Japan and a major agricultural exporting country. The two countries shared a $70.2 billion trade value in 2014. When broken down, this makes Japan the second largest export partner and the third largest import partner. Australia exported $50.2 billion worth of goods to Japan in 2014 and imported $20 billion, giving Australia a $30.3 billion positive trade balance. Approximately 18% of its total exports go to Japan and 7% of its imports originate there.
The largest percentage of these exports includes the following products: petroleum gas ($14.4 billion), coal briquettes ($10.7 billion), iron ore ($7.58 billion), copper ore ($1.41 billion), and crude petroleum ($925 million). Australia’s principal imports from Japan include: cars ($5.32 billion), refined petroleum ($2.37 billion), delivery trucks ($1.15 billion), other large pipes ($562 million), and rubber tires ($499 million).
The US is Australia’s third biggest trading partner. The two-way trade between these countries was valued at $60.4 billion in 2014. Australia exported $18.5 billion worth of goods to the US and imported $41.9 billion, giving Australia a $23.4 billion negative trade balance. These figures make the US Australia’s fourth largest export partner and second largest import partner. Approximately 4.1% of its total exports go to the US and 11% of its imports originate there.
The largest percentage of these exports includes the following products: frozen bovine meat ($1.53 billion), sheep and goat meat ($576 million), aircraft parts ($515 million), bovine meat ($502 million), and wine ($435 million). Australia’s principal imports from the US include: cars ($2 billion), medical instruments ($913 million), packaged medicines ($912 million), telephones ($545 million), and computers ($543 million).
A complete list of Australia’s top 10 biggest trading partners can be found in the chart published below.
What are Australia's Biggest Trading Partners?
China, Japan, and the United States are the three biggest trade partners of Australia.
Which Countries Are The Biggest Trading Partners Of Australia?
|Rank||Country/District||Exports||Imports||Total Trade||Trade Balance|
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