Australia2019 Economic Complexity : -0.19, Rank 79 of 146
2019 Product Exports | Imports: $284B | $209B, 19 of 225 | 23 of 225
2019 Per Capita Product Exports | Imports: $11.2k | $8.23k, 29 of 219 | 62 of 219
2019 Service Exports | Imports : $71B | $71.2B, 8 of 69 | 8 of 69
Overview In 2019 Australia was the number 13 economy in the world in terms of GDP (current US$), the number 19 in total exports, the number 23 in total imports, the number 12 economy in terms of GDP per capita (current US$) and the number 79 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Australia are Iron Ore ($67.5B), Coal Briquettes ($51.5B), Petroleum Gas ($34.1B), Gold ($25.4B), and Aluminium Oxide ($5.6B), exporting mostly to China ($111B), Japan ($41.5B), South Korea ($18.9B), India ($15.3B), and United Kingdom ($10.6B).
In 2019, Australia was the world's biggest exporter of Iron Ore ($67.5B), Coal Briquettes ($51.5B), Aluminium Oxide ($5.6B), Sheep and Goat Meat ($3.07B), and Wool ($2.26B)
Imports The top imports of Australia are Refined Petroleum ($16.8B), Cars ($15.8B), Crude Petroleum ($7.9B), Broadcasting Equipment ($6.37B), and Delivery Trucks ($5.84B), importing mostly from China ($52.7B), United States ($24.9B), Japan ($14.9B), Germany ($10.4B), and Thailand ($10B).
In 2019, Australia was the world's biggest importer of Sodium or Potassium Peroxides ($589M)
Location Australia borders Timor-Leste, Indonesia, New Zealand, Papua New Guinea, Solomon Islands, and New Caledonia by sea.
In 2019, Australia exported a total of $284B, making it the number 19 exporter in the world. During the last five reported years the exports of Australia have changed by $32.9B from $251B in 2014 to $284B in 2019.
The most recent exports are led by Iron Ore ($67.5B), Coal Briquettes ($51.5B), Petroleum Gas ($34.1B), Gold ($25.4B), and Aluminium Oxide ($5.6B). The most common destination for the exports of Australia are China ($111B), Japan ($41.5B), South Korea ($18.9B), India ($15.3B), and United Kingdom ($10.6B).
Top Import (2019): Refined Petroleum, $16.8B
Top Origin (2019): China, $52.7B
In 2019 Australia imported $209B, making it the number 23 trade destination in the world. During the last five reported years the imports of Australia changed by -$6.73B from $215B in 2014 to $209B in 2019.
The most recent imports of Australia are led by Refined Petroleum ($16.8B), Cars ($15.8B), Crude Petroleum ($7.9B), Broadcasting Equipment ($6.37B), and Delivery Trucks ($5.84B). The most common import partners for Australia are China ($52.7B), United States ($24.9B), Japan ($14.9B), Germany ($10.4B), and Thailand ($10B).
Fastest Growing Export Markets (2018 - 2019)
Fastest Growing Import Markets (2018 - 2019)
Australia Exports Services (2019): $71B
Australia Imports Services (2019): $71.2B
In 2019, Australia exported $71B worth of services. The top services exported by Australia in 2019 were Personal travel ($43.8B), Other business services ($8.44B), Transportation ($5.52B), Computer and information services ($3.73B), and Financial services ($3.68B).
The top services imported by Australia in 2019 were Personal travel ($32.7B), Transportation ($13B), Other business services ($9.66B), Computer and information services ($3.67B), and Royalties and license fees ($3.41B).
The top product import tariffs by their MFN Ad Valorem value for Australia are 2,2'-oxydiethanol(diethylene glycol) (5%) and AC generators, of an output 75-375 kVA (5%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Australia are:
Australia has a high level of specialization in Wool (39.5), Iron Ore (34.6), Coal Briquettes (25.7), Sheep Hides (25.2), and Other Mineral (24.6). Specialization is measured using RCA, an index that takes the ratio between Australia observed and expected exports in each product.
The highest complexity exports of Australia according to the product complexity index (PCI) are Provitamins and vitamins, their derivatives (1.12), Parts, accessories nes for opto-electric instruments (0.96), Therapeutic appliances, nes (0.83), Nickel bars, rods, profiles and wire (0.81), and Peptones, proteins, derivatives, nes, hide powder (0.79). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Australia according to the relatedness index, are Maté (0.16), Crude Petroleum (0.16), Sulphur (0.15), Other Oily Seeds (0.15), and Semi chemical Woodpulp (0.15). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Australia is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
During the last 20 years Australia's economy has become relatively less complex, moving from the 32nd to the 79th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.