Overview In 2020, Australia was the number 13 economy in the world in terms of GDP (current US$), the number 22 in total exports, the number 24 in total imports, the number 16 economy in terms of GDP per capita (current US$) and the number 74 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Australia are Iron Ore ($79.6B), Coal Briquettes ($36.4B), Petroleum Gas ($26.8B), Gold ($17.7B), and Frozen Bovine Meat ($4B), exporting mostly to China ($102B), Japan ($31.8B), South Korea ($17.2B), United States ($11.6B), and India ($11.3B).

In 2020, Australia was the world's biggest exporter of Iron Ore ($79.6B), Coal Briquettes ($36.4B), Aluminium Oxide ($3.59B), Sheep and Goat Meat ($2.7B), and Wool ($1.58B)

Imports The top imports of Australia are Cars ($13.7B), Refined Petroleum ($10.8B), Gold ($6.49B), Broadcasting Equipment ($6.38B), and Computers ($5.76B), importing mostly from China ($57.2B), United States ($24.2B), Japan ($12.2B), Thailand ($10.4B), and Germany ($9.67B).

In 2020, Australia was the world's biggest importer of Sodium or Potassium Peroxides ($502M) and Horsehair Fabric ($2.06M)

Location Australia borders Timor-Leste, Indonesia, New Zealand, Papua New Guinea, Solomon Islands, and New Caledonia by sea.

November, 2022

Historical Data

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Top Export (2020): Iron Ore, $79.6B

Top Destination (2020): China, $57.2B

In 2020, Australia exported a total of $250B, making it the number 22 exporter in the world. During the last five reported years the exports of Australia have changed by $44.7B from $205B in 2015 to $250B in 2020.

The most recent exports are led by Iron Ore ($79.6B), Coal Briquettes ($36.4B), Petroleum Gas ($26.8B), Gold ($17.7B), and Frozen Bovine Meat ($4B). The most common destination for the exports of Australia are China ($102B), Japan ($31.8B), South Korea ($17.2B), United States ($11.6B), and India ($11.3B).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

Australia Exports Services (2020): $46.1B

Australia Imports Services (2020): $35B

In 2020, Australia exported $46.1B worth of services. The top services exported by Australia in 2020 were Personal travel ($25.3B), Miscellaneous business, professional, and technical services ($7.06B), Transportation ($3.23B), Financial services ($3.21B), and Other personal, cultural, and recreational services ($3.11B).

The top services imported by Australia in 2020 were Miscellaneous business, professional, and technical services ($9.82B), Transportation ($9.11B), Personal travel ($6.05B), Financial services ($2.01B), and Other royalties and license fees ($1.69B).

Economic Complexity

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Most Specialized Products by RCA Index

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Australia has a high level of specialization in Wool (42.1), Iron Ore (37.7), Coal Briquettes (25.6), Sheep and Goat Meat (24.4), and Other Mineral (20.9). 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 Nickel Bars (1.18), Fairground Amusements (0.8), Opto-Electric Instrument Parts (0.77), Peptones (0.59), and Nickel Powder (0.53). 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 Chromium Ore (0.16), Crude Petroleum (0.15), Maté (0.15), Soybeans (0.15), and Ground Nuts (0.14). 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 a country currently specializes in.

Relatedness Space

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This network shows the products most related to the production structure of Australia. These are products that tend to be co-exported with the products that Australia exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.

Economic Complexity Ranking

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During the last 20 years Australia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨26th to the 74th⁩ 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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