Trading Partner Portal: Australia
Australia has a market economy with a gross domestic product (GDP) of $1.339 trillion and a population of 23.78 million. World Bank.
Australia’s diverse landscape and abundant natural resources has provided the country high level of foreign investment for exporting commodities such as coal, iron ore, copper, gold, natural gas, uranium and renewable energy sources.
In addition to being a large exporter of natural resources, energy, and food, Australia also has a significant service sector. Main imports for Australia include machinery and transport equipment, computers and office machines, telecommunication equipment, crude oil and petroleum products.
As the 17th largest export destination for the U.S., Australia has always enjoyed a strong trade relationship and a diverse portfolio with the U.S. In 2016, total exports were $22.2 billion with top categories being transportation equipment, non-electrical machinery,computers, and chemicals.
Australia – California Trade
In 2016, Australia was the 13th largest importer of California goods and services. California exported approximately $3.4 billion to the country, making it the largest exporter to Australia. The largest export category from California was computer and electrical products, totaling $830 million, up from $724.1 million in 2015. Transportation equipment totaled $512 million and represented 15.2 percent of all California exports to Australia. Other top export categories include miscellaneous manufactured commodities and food, totaling about 18 percent each of all export commodities.
WTO Trade Policy Review: Australia – April 2015
New Opportunities with TPP – Increasing U.S. Exports to Australia
ITA Blog, May 25, 2016
Australia and World Trade
Australia is actively involved with Asia-Pacific Economic Cooperation (APEC) as well as engaged in the Trans-Pacific Partnership talks in an effort to lower barriers to trade.
APEC was formed in 1989. It serves as a multilateral forum in which Asian and Pacific economies can solve economic problems and cooperate in developing key economic sectors.
On February 4, 2016, after more than five years of negotiations, trade ministers representing Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam, signed the Trans-Pacific Partnership Agreement (TPP) in Auckland, New Zealand.
Australian State Of Victoria And California Share Emergency Management Knowledge, Technology
Imperial Valley News, July 6, 2016
Signing of International Wine Trade Memorandum of Understanding Will Ease Burden on U.S. Wine Exporters, Support American Jobs
October 20, 2011 – Santiago, Chile – Members of the World Wine Trade Group (WWTG), including the United States, Chile, Argentina, New Zealand, Australia, and Georgia, joined together to sign a Memorandum of Understanding (MOU) on Certification Requirements, which will help reduce barriers to international wine trade and support exporters of wine in each participating country. This MOU will facilitate trade in wine among these countries by encouraging the elimination of burdensome requirements and certifications of wine products and ingredients.
“The MOU signed today by these six World Wine Trade Group member countries is a key example of the kind of collaboration between trading partners that is essential to increase trade and support international growth in this global economy,” said United States Trade Representative Ron Kirk. “The production and sale of wine is a valued and robust industry in the United States and this MOU will help contribute to its continued growth and viability, while supporting much needed American jobs in these challenging economic times.”
U.S. – Australia Free Trade Agreement
On January 1, 2005, the U.S.-Australia Free Trade Agreement came into effect. The agreement eliminates tariffs on 99 percent of U.S. manufactured goods exported to Australia, accounting for 93 percent of all U.S. exports to the nation.
A comprehensive free trade agreement combined more than 345 million consumers in a market of over $19.3 trillion annually. Australian companies employ more than 84,000 American workers.
CalChamber Hosts Meeting on California – Australia Trade Relations
(August 13, 2008) California trade relations with the Australian state of Victoria were among the topics discussed during a recent meeting at the California Chamber of Commerce.
Victoria—which is located in southeast Australia—is home to 5 million people with 3.6 million living in the capital city of Melbourne. In 2007, the United States exported $19.2 billion worth of goods to Australia, a 35 percent increase since 2004, the year before the U.S.-Australia Free Trade Agreement (FTA) went into effect.