![]() These cashflow deficiencies clearly indicate Australia’s competitive disadvantages with the above countries, but also represent key opportunities for Australia to develop country-specific strategies to strengthen its overall position in international trade. United States: -US$15.5 billion (country-specific trade deficit in 2022)Īmong Australia’s trading partners that cause the greatest negative trade balances, Australian deficits with Singapore (up 1,519), Brunei Darussalam (up 138.5%) and the United Kingdom (up 58%) grew at the fastest pace from 2021 to 2022.Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.Īustralia incurred the highest trade deficits with the following countries. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Countries Causing Japan’s Worst Trade SurplusesĪs defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. These were Singapore (down -45.8% from 2021), Hong Kong (down -22.8%), Thailand (down -10.5%) and mainland China (down -10.1%). Growing their purchases of products exported from Australia at the fastest pace were the Netherlands (up 72.%), Japan (up 64.4%), Malaysia (up 43%), Taiwan (up 37.3%), Germany (up 29.5%) and Vietnam (up 29%).įour major customers reduced spending on Australian exports in 2022. China: US$103.9 billion (25.9% of total Australian exports)Īround two-thirds (67.6%) of Australian exports in 2022 were delivered to the above 15 trade partners.Also shown is each import country’s percentage of total Australian exports. Smaller percentages went to Oceania (3.9%) led by New Zealand and Papua New Guinea, Africa (1.1%) and Latin America (1%) excluding Mexico but including the Caribbean.īelow is a list showcasing 15 of Australia’s top trading partners, countries that imported the most Australian shipments by dollar value during 2022. Australia shipped another 5% worth of goods to North America. Year over year, the value of Australian exports accelerated by 16.1% compared to $345.6 billion for 2021.Īpplying a continental lens, 82.7% of Australia exports by value were delivered to customers in Asia while a more modest 6.4% were sold to importers in Europe. That dollar amount reflects a 50.5% increase from $254.5 billion during 2018. By Nicknamed the Land Down Under, Australia is an island economy that strongly benefits from its close proximity to the vast markets of China and Japan which together represent over half of all Australian export sales.įrom a global perspective, Australia shipped US$401.1 billion worth of goods around the globe in 2022.
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