Australia is a major player in the global market, with a diverse range of exports that contribute significantly to its economy. Let's take a closer look at Australia's top 5 exports partners, based on the value of goods exported.
1. China
China is Australia's largest export partner, accounting for a significant portion of its total exports. In 2020, Australia exported over $149 billion worth of goods to China, making up around 39% of its total exports. This strong trade relationship is driven by demand for Australian resources such as iron ore, coal, and natural gas.
2. Japan
Japan is another key export partner for Australia, with a long-standing trade relationship between the two countries. In 2020, Australia exported over $52 billion worth of goods to Japan, representing around 14% of its total exports. Key exports to Japan include coal, natural gas, and beef.
3. South Korea
South Korea is a significant export partner for Australia, with a growing trade relationship in recent years. In 2020, Australia exported over $21 billion worth of goods to South Korea, accounting for approximately 6% of its total exports. Major exports to South Korea include coal, natural gas, and education services.
4. United States
The United States is an important export partner for Australia, with a diverse range of goods exported between the two countries. In 2020, Australia exported over $14 billion worth of goods to the United States, making up around 4% of its total exports. Key exports to the US include beef, aircraft, and pharmaceuticals.
5. India
India is a growing export partner for Australia, with increasing trade ties in recent years. In 2020, Australia exported over $13 billion worth of goods to India, representing around 3% of its total exports. Major exports to India include coal, education services, and gold.
These top 5 export partners play a crucial role in Australia's economy, driving growth and prosperity through strong trade relationships. By diversifying its export markets and continuing to strengthen trade ties, Australia can further enhance its position in the global market.
