Overview: In 2018 Australia was the number 13 economy in the world in terms of GDP (current US$), the number 24 in total exports, the number 24 in total imports, and the number 73 most complex economy according to the Economic Complexity Index (ECI). In 2018, Australia exported $248B and imported $219B, resulting in a positive trade balance of $28.7B. In 2018, Australia's exports per capita were $9.91k and its imports per capita were $8.76k.
In 2018 Australia exported a total of $248B, making it the number 24 exporter in the world. During the last five reported years the exports of Australia have changed by -$15.1B from $263B in 2013 to $248B in 2018.
In 2018 Australia imported $219B, making it the number 24 trade destination in the world. During the last five reported years the imports of Australia changed by -$5.5B from $224B in 2013 to $219B in 2018.
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).
This section shows forecasts for total product exports and imports for Australia. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Australia are:1: AANZFTA ASEAN - Australia - New Zealand Free Trade Area86: Australia General System of Preferences (GSP) for Developing Countries subject to DC rate of duty in Part 3 of Schedule 187: Australia General System of Preferences (GSP): Countries and Places in Part 4 of Schedule 1 (DCS rates)89: Australia GSP for Least Developed Countries136: Most Favoured Nation duty rate treatement153: Preferential tafiff for Malaysia179: Preferential tariff for Canada under (CANATA) the Canada-Australia Trade Agreement183: Preferential tariff for Chile under (ACl-FTA) Australia-Chile Free Trade Agreement (6 March 2009)184: Preferential tariff for China225: Preferential tariff for forum islands (including fiji) under (SPARTECA) The South Pacific Regional Trade and Economic Co-operation Agreement236: Preferential tariff for Hong Kong, Korea Republic of, and Taiwan.246: Preferential tariff for Japan249: Preferential tariff for Korea, Republic of278: Preferential tariff for New Zealand under (ANZCERTA) Australia-New Zealand Closer Economic Relations Trade Agreement287: Preferential tariff for Papua New Guinea299: Preferential tariff for Singapore310: Preferential tariff for Thailand under (TAFTA) the Thailand-Australian Free Trade Agreement329: Preferential tariff for United States under (AUSFTA) Australia-United States Free Trade Agreement
During the last 20 years Australia's economy has become relatively less complex, moving from the 31st to the 73rd 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.
Australia has a high level of specialization in Wool (47), Iron Ore (37.5), Other Mineral (30.8), Coal Briquettes (29.9), and Sheep Hides (29.9). Specialization is measured using RCA, an index that takes the ratio between Australia observed and expected exports in each product.
The top export opportunities for Australia according to the relatedness index, are Crude Petroleum (0.19), Chromium Ore (0.17), Maté (0.17), Soybeans (0.16), and Asbestos (0.16). 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.
Australia
