Flag Australia

2019
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

2018
Service
Exports | Imports
: $76.5B | $85.5B, 10 of 88 | 10 of 88

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.

Yearly Exports

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Value
Depth

Top Export (2019): Iron Ore, $67.5B

Top Destination (2019): China, $111B

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).

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Yearly Imports

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Value
Depth

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).

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Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Australia Exports Services (2018): $76.5B

Australia Imports Services (2018): $85.5B

In 2018, Australia exported $76.5B worth of services. The top services exported by Australia in 2018 were Personal travel ($42.9B), Transportation ($11.3B), Miscellaneous business, professional, and technical services ($7.22B), Financial services ($7.12B), and Business travel ($2.09B).

The top services imported by Australia in 2018 were Personal travel ($33.9B), Transportation ($27.6B), Miscellaneous business, professional, and technical services ($9.44B), Financial services ($4.06B), and Business travel ($3.08B).

Tariffs by Product

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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.

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*The tariffs applied to imports for Australia are:
1: AANZFTA ASEAN - Australia - New Zealand Free Trade Area
86: Australia General System of Preferences (GSP) for Developing Countries subject to DC rate of duty in Part 3 of Schedule 1
87: Australia General System of Preferences (GSP): Countries and Places in Part 4 of Schedule 1 (DCS rates)
89: Australia GSP for Least Developed Countries
136: Most Favoured Nation duty rate treatement
153: Preferential tafiff for Malaysia
179: Preferential tariff for Canada under (CANATA) the Canada-Australia Trade Agreement
183: Preferential tariff for Chile under (ACl-FTA) Australia-Chile Free Trade Agreement (6 March 2009)
184: Preferential tariff for China
225: Preferential tariff for forum islands (including fiji) under (SPARTECA) The South Pacific Regional Trade and Economic Co-operation Agreement
236: Preferential tariff for Hong Kong, Korea Republic of, and Taiwan.
246: Preferential tariff for Japan
249: Preferential tariff for Korea, Republic of
278: Preferential tariff for New Zealand under (ANZCERTA) Australia-New Zealand Closer Economic Relations Trade Agreement
287: Preferential tariff for Papua New Guinea
299: Preferential tariff for Singapore
310: Preferential tariff for Thailand under (TAFTA) the Thailand-Australian Free Trade Agreement
329: Preferential tariff for United States under (AUSFTA) Australia-United States Free Trade Agreement

Economic Complexity

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Economic Complexity Ranking

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Scale

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.

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Most Specialized Products by RCA Index

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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.

Most Complex Products by PCI

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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.

Export Opportunities by Relatedness

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The top export opportunities for Australia according to the relatedness index, are MatΓ© (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.

Diversification Frontier

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Depth

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.