Australia's Trade Buddies
Top Ten Australian Import & Export Free Trade Partners
By increasing exports to its trade partners almost 8% faster than imports, free-trade champion Australia reduced its deficit by 43% to US$15.8 billion in 2005-6.
A major exporter of agricultural products, Australia negotiated free trade agreements with Singapore effective July 2003 as well as the United States and Thailand effective January 2005. Currently, Australia is negotiating free trade arrangements with China, Malaysia, Japan, Mexico and trade groups like the Association of South East Asian Nations (ASEAN).
The lists below show the trading nations that bought the most Australian exports and sold the most imports to Australia, respectively. Statistics include both merchandise and services.
Major Australian exports are coal, iron ore, gold, aluminium, meat, wheat, oil and gas.
Top 10 Countries for Australian Exports (2005-6)
- Japan ... US$26.4 billion (up 24.2% from prior year)
- China ... $15.5 billion (up 37.6%)
- United States ... $10.9 billion (up 3.4%)
- South Korea ... $9.9 billion (up 20.3%)
- United Kingdom ...$9.3 billion (up 61.5%)
- New Zealand ... $8.8 billion (down 4.7%)
- India ... $6.3 billion (up 21.1%)
- Singapore ... $5.1 billion (up 24.9%)
- Taiwan ... $4.8 billion (up 20%)
- Thailand ... $3.7 billion (up 8.2%)
The top 10 export partners consumed over 70% of total Australian exports in 2005-6.
Principal Australian imports include petroleum products, motor vehicles, computers, pharmaceuticals and telecommunication equipment.
Top 10 Countries From Which Australia Imports (2005-6)
- United States ... $22.4 billion (up 5.8% from 2004-5)
- China ... $18.8 billion (up 17.9%)
- Japan ... $14.8 billion (up 1%)
- Singapore ...$10.2 billion (up 35.1%)
- United Kingdom ... $7.9 billion (up 3.8%)
- Germany ... $7.7 billion (up 1.1%)
- New Zealand ... $5.9 billion (up 3.6%)
- Malaysia ... $5.8 billion (up 14.8%)
- South Korea ... $5.2 billion (up 25.5%)
- Thailand ... $4.8 billion (up 26%)
The top 10 import partners accounted for over 65% of total Australian imports in 2005-6.
And The Winners Are ...
Australian exports of coal, iron and copper led to growing trade surpluses of $13.6 billion with Japan and $6.1 billion with India. Also in 2005-6, Australia experienced trade deficits of $13 billion with the U.S., $7.3 billion with Germany, $6.4 billion with Singapore and $5.3 billion with China.
Australia's free-trade stance helps to encourage Aussie exports through international trade blocs. For example, Australian exports in 2005-6 to the European Union grew 34% to $18.5 billion.
Sources: Australian Bureau of Statistics, 1301.0 - Year Book Australia, 2007 (above statistics were calculated at an average exchange rate of 1.29968 Australian $ per 1 US$)
