The United States monitors implementation of the U.S.-Australia FTA closely and meets regularly with Australia under the FTA to discuss the functioning of the agreement and address specific trade issues. The Joint Committee set up under the FTA supervises implementation of the Agreement and review of the overall trade and investment relationship. The agreement also establishes committees on goods, agriculture, sanitary and phytosanitary matters, and financial services as well as subcommittees on labor and environment, which report to the Joint Committee.
The full text of the Agreement is available here and the Advisory Committee Reports are available here.
In 2019, Australia GDP was an estimated $1.4 trillion (current market exchange rates); real GDP was up by an estimated 1.8%; and the population was 26 million. (Source: IMF)
U.S. goods and services trade with Australia totaled an estimated $67.5 billion in 2019. Exports were $48.0 billion; imports were $19.5 billion. The U.S. goods and services trade surplus with Australia was $28.5 billion in 2019.
Australia is currently our 21st largest goods trading partner with $36.8 billion in total (two way) goods trade during 2019. Goods exports totaled $26.0 billion; goods imports totaled $10.8 billion. The U.S. goods trade surplus with Australia was $15.1 billion in 2019.
Trade in services with Australia (exports and imports) totaled an estimated $30.7 billion in 2019. Services exports were $22.0 billion; services imports were $8.6 billion. The U.S. services trade surplus with Australia was $13.4 billion in 2019.
Exports
- Australia was the United States' 16th largest goods export market in 2019.
- U.S. goods exports to Australia in 2019 were $26.0 billion, up 2.6% ($656 million) from 2018 and up 32.6% from 2009. U.S. exports to Australia are up 86.2% from 2004 (pre-FTA). U.S. exports to Australia account for 2% of overall U.S. exports in 2019.
- The top export categories (2-digit HS) in 2018 were: machinery ($4.5 billion), vehicles ($3.5 billion), optical and medical instruments ($2.3 billion), electrical machinery ($2.2 billion), and aircraft ($2.2 billion).
- U.S. total exports of agricultural products to Australia totaled $1.5 billion in 2019, our 19th largest agricultural export market. Leading domestic export categories include: pork & pork products ($302 million), dairy products ($148 million), prepared food ($130 million), fresh fruit ($99 million), and tree nuts ($92 million).
- U.S. exports of services to Australia were an estimated $22.0 billion in 2019, 4.5% ($1.0 billion) less than 2018, but 59.0% greater than 2009 levels. It was up roughly 221% from 2004 (pre-FTA). Leading services exports from the U.S. to Australia were in the travel, financial services, and intellectual property (audio visual and related products) sectors.
Imports
- Australia was the United States' 31st largest supplier of goods imports in 2019.
- U.S. goods imports from Australia totaled $10.8 billion in 2019, up 7.6% ($763 million) from 2018, and up 35.4% from 2009. U.S. imports from Australia are up 43.7% from 2004 (pre-FTA).
- The top import categories (2-digit HS) in 2019 were: meat (beef) ($2.4 billion), pharmaceuticals ($1.2 billion), special other (returns) ($806 million), optical and medical instruments ($747 million), and aluminum ($596 million).
- U.S. total imports of agricultural products from Australia totaled $3.5 billion in 2019, our 7th largest supplier of agricultural imports. Leading categories include: red meats, fresh, chilled, or frozen ($2.4 billion), wine and beer ($344 million), raw beet & cane sugar ($66 million), tree nuts ($49 million), and other dairy products ($30 million).
- U.S. imports of services from Australia were an estimated $8.6 billion in 2019, 3.8% ($318 million) more than 2018, and 58.7% greater than 2009 levels. It was up roughly 143% from 2004 (pre-FTA). Leading services imports from Australia to the U.S. were in the travel, transportation, and technical and other services sectors.
Trade Balance
- The U.S. goods trade surplus with Australia was $15.1 billion in 2019, a 0.7% decrease ($107 million) over 2018.
- The United States had a services trade surplus of an estimated $13 billion with Australia in 2019, down 9.2% from 2018.
Investment
- U.S. foreign direct investment (FDI) in Australia (stock) was $162.4 billion in 2019, a 1.0% decrease from 2018. U.S. direct investment in Australia is led by nonbank holding companies, mining, and manufacturing.
- Australia's FDI in the United States (stock) was $81.0 billion in 2019, up 28.4% from 2018. There is no information on the distribution of Australia FDI in the U.S.
- Sales of services in Australia by majority U.S.-owned affiliates were $48.1 billion in 2017 (latest data available), while sales of services in the United States by majority Australia-owned firms were $14.3 billion.
