Exporting to Australia

Australia Export Guide | Trade Finance Global

Exporting to Australia

Australia is the fifth largest economy in the Asia-Pacific region and the twelfth largest economy in the world. At current exchange rates Australians are among the wealthiest in the world per capita and the country has entered into a number of free trade agreements which establish close ties to countries around the world.

Australia imports around $225 billion per year of which about 40% is made up of machinery and transport equipment including cars, electrical machinery and telecommunications equipment. Other imports include manufactured goods, petroleum and food. Major import partners include China (23%), the United States (11%) and Japan (7%).

Australia Country Profile

Official Name (Local Language) Commonwealth of Australia
Capital Canberra
Population 22,992,654
Currency Australian Dollar
GDP $1,257 billion
Languages English
Telephone Dial In 61

Australia Imports Profile

Imports ($m USD)

228,442

Number of Import Products

4,362

Number of Import Partners

219

Top 5 import partners

Country

Trade

% Partner Share

China

49,971

21.87

United States

23,613

10.34

Japan

16,511

7.23

Korea, Rep.

15,899

6.96

Unspecified

15,085

6.60

Top 5 Import Products at HS 6 digit level

Export Product

Number

Petroleum oils, etc, (excl. crude); preparation

7.9%

Automobiles with reciprocating piston engine di

6.6%

Petroleum oils and oils obtained from bituminou

3.5%

Transmission apparatus, for radioteleph incorpo

3.3%

Floating or submersible drilling or production

3.2%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Australia

Agriculture

%

Product List

3.6%

Wheat, barley, sugarcane, fruits; cattle, sheep, poultry

Industry

%

Industry List

28.2%

Mining, industrial and transportation equipment, food processing, chemicals, steel

Services

%

Services List

68.2%

Exporting to Australia: What is trade finance?

Export finance is a revolving facility which some banks and specialist lenders offer – it enables businesses to purchase stock and can help ease the pressure from working capital problems.

Often, a trade finance bank will fund most of the cost of the receivables, including charges (e.g. shipping costs).

Trade finance offers benefits over more traditional bank finance like bridging mortgages or business loans. Trade finance provides quick funding without affecting existing relationships with banks.

How does it work?
If you’re a firm importing or exporting products outside of your own country, then a trade finance facility would assist your company to fund this through offering a letter of credit (LC) or some form of cash advance.

I’m looking to export to Australia, how can Trade Finance Global help, and how does it work?
If you’re looking to export products to other countries, you may require export finance, which is an agreement between you (the exporter), and the importer. A alternative finance bank will advance you the cost of producing the goods that you are exporting (as a debt instrument), either once you have sent the goods, or before producing them. Once your foreign importer has received the products and pays you for the import, you will repay the advance loan from the funder over an agreed period of time.

Australia Quick Links

Information

Importing from Australia

Exporting to Australia? Contact our local experts

Australia Economic Statistics

Government Website

https://australia.gov.au/

Sovereign Ratings

https://countryeconomy.com/ratings/australia

Central Bank

Reserve Bank of Australia

Currency USD Exchange Rate

1.352

Unemployment Rate

5.8%

Population below poverty line

NA

Inflation Rate

1.4%

Prime Lending Rate

3%

GDP

$1,257 billion

GDP Pro Capita (PPP)

$48,800

Currency Name

Australian Dollar

Currency Code

AUD

World Bank Classification

High Income

Competitive Industrial Performance

22/138

Corruption Perceptions Index

13/180

Ease of Doing Business

18/190

Enabling Trade Index

26/136

Currency in Australia

About the Author

Natasha Roston is Head of People and Growth at Trade Finance Global (TFG). 

She builds partnerships to create innovative trade finance education projects and experiences. A key advocate for TFG’s annual Women In Trade campaigns, Natasha wrote a piece on the impact of gender stereotypes for gender equality in the workplace in 2022. Natasha is also responsible for TFG careers, culture, and team growth. A Level 2 Qualified Coach and Mental Health First Aid Champion, she leads internal training, supporting the holistic wellbeing of the team.

Before joining TFG Natasha worked in education for over a decade. Initially as a classroom teacher, and then in academic and pastoral leadership roles. Following this, she worked in EdTech as a Learning Design Coach for Aula’s Higher Education platform.

Natasha holds an MA from Tel Aviv University, a History PGCE from The Institute of Education and a BA from the University of Nottingham. Currently, she is studying for her Level 3 Certificate in International Trade from the Institute of Export & International Trade. In addition to her work at TFG, Natasha volunteers for the Young Women’s Trust as a Work It Out – CV Volunteer. 

 

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