One of the most popular foods in Japan is noodles which drive a huge demand for Australia’s wheat used in noodle prod… hbspt.forms.create({ Meat is a huge industry in Australia, valued at around $10.2 billion in exports. Demand for iron ore from China has also escalated significantly, with Australia supplying nearly 74% of the country’s iron ore in 2018-2019 (a figure which has doubled in a decade). Read until the end if you want a BONUS INFOGRAPHIC on “The 5 most lucrative industries for small businesses in Australia”. Plastic is a large international business, and it accounted for about 2.8% of Australian imports in 2018. From getting all the latest updates delivered to your inbox once a month. Wheat is another top agricultural export with the country exporting over 16 million tons in 2016 according to the Australian Bureau of Agricultural and Resource Economics and Science (ABARES). Plastic plates, sheets and tape also rose to account for about $1 billion in import value. By far, the number one electrical piece of equipment forming the bulk of Australian imports were mobile phones, including smartphones. This not only includes computers but, interestingly, aircraft parts which we largely export to the United States. Cars alone accounted for $24.3 billion in imports. There is speculation in Canberra that the barley move may, at least in part, be in response to Australia’s past moves to impose anti-dumping measures against Chinese steel and aluminium imports. The industry association reported that from January to November 2019, lamb exports were up 5% from 2018. 2018 was a massive year for aluminium, which reportedly increased by almost 120%. All states except Western Australia recorded export growth in 2019/20, with Tasmania exporting more than $1 billion in value for the first time. Leading the decliners were Australian imports of vehicles (down -11.2%), articles made from iron or steel (down -11%) then mineral fuels including oil (down -10.5%). Coming in at second place is Japan, which imported around $37.8 billion worth of Australian exports in 2018 (around 10.3% of Australian exports). Check BICONfor current import conditions. Australia Agriculture Imports Wheat is the main crop, but the industry also produces barley, oats, canola and lupins. 2 DISCLAIMER: This report has been prepared by the Office of Agricultural Affairs, USDA/Foreign Agricultural Service in Canberra, Australia for U.S. exporters of domestic food and agricultural products. Whilst Australians love their jewellery, our exports of gems and precious metals far outweigh those that we import.. At the same time, Australia’s economy largely relies on China. The country has achieved a positive trade balance of around $8 billion, yet we also rely heavily on imports. Our economic relationship is founded on the Australia-United States Free Trade Agreement (AUSFTA). U.S. exports of consumer ready food products to Australia have risen steadily over recent years and in 2013 were valued at $1.07 billion. A report from PriceWaterCoopers released in August 2019 called China Matters said that if China’s economic relationship with Australia waded, it could cost Australia half a million jobs and around $140 billion. Trade and investment have also been boosted by the Korea-Australia Free Trade Agreement (KAFTA), a comprehensive free trade agreement that has allowed for the removals of tariffs and greater access in into the South Korean market for Australian business. Chinese imports of Australia coal are also "way ahead of where they were before the pandemic." Australian agricultural exports hit $50 billion despite drought and pandemic. Of particular note in the 21st century is the importation of ‘conflict diamonds’, which are diamonds generally sold by rebel movements in foreign countries to finance armed conflict against established governments. The Australia-Japan economic relationship grew closer with the signing of the Japan-Australia Economic Partnership Agreement (JAEPA), which came into effect on 15 January 2015. Australian Agricultural Exports . Agricultural exports accounted for 10.8 per cent of Australian goods and services exports. Included in the mix were also phone system devices, which represented $1.4 billion of Australian exports. Recently, India’s focus has largely been an investment in infrastructure with the construction of new highways, cities, railways, airports and water projects. China continues to place strong importance on its agricultural sector. Food and Agricultural Import Regulations and Standards - Narrative Australia AS1723 Required Report - public distribution . The importation of specialised vehicles grew significantly. According to the Minerals Council of Australia, iron ore is the country’s largest source of export revenue. }); Your email address will not be published. This is not surprising given the investment in infrastructure and construction around Australia. Australia exported $50.1 billion worth of agricultural produce in 2019/20, the second highest year on record despite a year-on-year decline of $601.4 million. Australia is seeing increasing growth in the international trade of petroleum gas and coal, with mineral fuels forming 34.6% of total Australia exports. Landholdings are characteristically large, specialized, owner-operated, capital-intensive, export … Aircraft parts alone accounted for around $2 billion of Australian exports. Please refer to the Department of Agriculture, Water and the Environment This was a significant increase from the previous year. We have also provided the percentage amount to demonstrate how much the commodity and/or product represents of Australian imports. Australians import everything ranging from computers and generators to centrifugal pumps, which are essentially ‘capital’ goods that help Australians make other goods. Exports of rural goods increased 6 percent to AUD 3.59 billion, boosted by meat & meat preparations. Overall Australia generated a $58.2 billion surplus in 2019 up by 119.3% from $26.5 billion one year earlier. Other growth industries include cropping with an increase of 2.4 per cent (+$180.7 million), dairy at two per cent (+$50.6 million), sugar at 9.8 per cent (+$149.8 million) and fruit at 11.1 per cent (+$154.2 million). American trade with Australia underpins about 300,000 U.S. jobs. Feel free to contact ICE Cargo on 1300 227 461 and our international trade specialists for further insight. Australia has strong trade ties with the rest of the world. In 2014, Australian agriculture and food exports totaled $44.3 billion. Australia is a major producer of raw materials and processed foods but imports a growing volume of food and beverages. Australia’s landscape is rich in precious minerals, and industry has taken full advantage. However, such tariffs may soon be found unlawful by the World Trade Organisation, who in December 2019 found that Australia’s anti-dumping import duties on paper were in breach of WTO rules. Earlier this year, United States President Donald Trump expressed concern with the Australian aluminium trade but Australia managed to avoid U.S. tariffs on steel and aluminium when they were imposed in 2019. China continued to be the major destination for Australian produce, accounting for 30.3 per cent of the total value. In 1998 agricultural exports from Australia were estimated at US$15.14 billion, in comparison to the US$3.11 billion worth of agricultural imports for the same year. China imports 43.2% of Australia’s annual copper ore exports and the second-largest destination is Japan (28.9%). This may impact when your goods will arrive in Australia. Its location has also allowed Australia to become a major supplier to markets in the Asia-Pacific region. In 2018, this included the importation of cars, trucks, automobile parts, tractors, trailers and more. Japan is the third-largest consumer of Australian agricultural products with AUD$697 million worth of grains and oilseeds being imported by Japan every year. In 2019, the Department of Health permitted the bulk import of medicinal cannabis by licenced manufacturers approved by the Therapeutic Goods Association (TGA). United States are Australia’s top sources of imports, accounting for 53.9 per cent of agricultural imports. China further relies on Australian coal and uranium for its lighting and its own economy, predominantly manufacturing. Required fields are marked *. Asoutlined in the 13th 5 Year-Plan and in President Xi Jinping’s rep… The Department of Agriculture and Food, Western Australia (DAFWA) provides dedicated services to potential and existing agrifood exporters to assist in increasing the State's exports and facilitate investment in the sector. From 2016 to 2018, the value of trade between the two countries increased largely because of Australia’s Inpex Ichthys and Prelude LNG Projects, which largely relied on the imports of LNG floating platforms from South Korea. Since China became embroiled in a trade war with the United States, our Asian neighbour will likely become more economically reliant on Australia, especially for energy and mineral exports. Australians love using electrical equipment – so it contributed around 11.3% of Australia’s imports in 2018. Optical, technical and medical equipment account for around 3.7% of Australian imports. 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