Australia's trade with the United States of America

Statistics about Australia's trade with the United States of America on a merchandise trade basis.

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Released
5/06/2025
Source
International Trade in Goods, April 2025

Introduction

Since 2005, trade between Australia and the United States of America (USA) has been underpinned by the Australia United States Free Trade Agreement (AUSFTA). Recent changes in the USA’s international trade policies have increased the focus on the trade patterns between the two countries. This includes changes to tariffs on goods that are imported into the USA, including for Australian goods. 

This article provides an overview of Australia’s current merchandise trade patterns with the USA, including analyses of the major commodities traded between the two nations. 

Overview

  • In 2024, the USA was the 5th largest partner destination for Australian goods exports ($23.8b), and the 2nd largest trading partner for Australian goods imports ($50.5b).
  • In January 2005, Australia and the USA entered into the Australia United States Free Trade Agreement (AUSFTA), promoting low trade barriers between the two countries [1].
  • Since the trade agreement came into effect, two-way merchandise trade (sum of exports and imports) has increased by 142%. Between 2005 and 2024 the value of goods exports to the USA increased 157%, while the value of goods imports from the USA rose 136%.
  • The annual value of two-way merchandise trade with the USA was $74.4b in 2024. Trade with the USA has fallen as a percentage of Australia’s total merchandise trade from 15% in 2000 to 8% in 2024.
  • Australia exported a total $517.0b in merchandise goods in 2024, with $23.8b of this going to the USA. Goods exports to the USA made up 5% of Australia’s total goods exports in 2024 and were 0.9% of Australia’s annual Gross Domestic Product (GDP).
  • Australia imported $429.3b in merchandise goods in 2024, with imports from the USA reaching $50.6b. Goods imports from the USA made up 12% of Australia’s total goods imports in 2024 and were 1.9% of Australia’s annual GDP.

Australia-USA Merchandise Trade Balance

Historically, Australia has had an annual trade deficit with the USA, importing more from the USA each year than it exports. In 2024, imports from the USA reached $50.6b and exports to the USA reached $23.8b resulting in a trade deficit with the USA of $26.9b.

Trade balances between countries are typically assessed on an annual basis due to the volatility of monthly trade data. However, it is worth noting the monthly trade balance with the USA moved into surplus for the first time in January 2025 following a sharp rise in exports of Non-monetary gold. The monthly surplus was maintained for three consecutive months but returned to deficit in April 2025, when gold exports returned to regular trading levels.

Australia’s exports of Non-monetary gold to the USA have historically risen during periods of economic uncertainty such as the global financial crisis in 2008, and the COVID-19 pandemic in 2020. Despite these previous peaks, the current rise in Non-monetary gold far exceeds previous export levels, and has driven the Australia-USA trade balance into a monthly surplus for the first time on record. 

Merchandise exports to the USA

Meat, Gold and Medicinal products have been the top exports to the USA over the last five years, accounting for 46% of the value of total merchandise exports to the USA since January 2020 [2]. Transport equipment and Professional scientific apparatus contributed a further 11%. 

Non-monetary gold

In 2024, Australia exported $2.9b of Non-monetary gold to the USA. 

Since January 2025, a surge in Non-monetary gold exports has been driven by instability in the global trade environment, driving up demand and price [3]. Gold has historically been used as a ‘safe haven’ asset, offering stability against inflation and a safe harbour during times of market crisis and economic uncertainty. The last time Non-monetary gold exports were the largest contributor to Australia’s total USA goods exports was in 2020, reflecting the global market uncertainty during the COVID-19 pandemic. 

Between January to April 2025, Australia exported $11.1b of Non-monetary gold to the USA. These exports in the first four months of 2025 have already exceeded the total value exported to the USA over the past four years combined (2021-2024). The recent spike in Non-monetary gold has been linked to importers in the USA importing ahead of any potential tariff impacts. This differs from the smaller but more sustained level of Non-monetary gold exports in 2020, which occurred in response to COVID-19 and supply chain logistics concerns. 

Meat and meat preparations

In 2024, Australia exported $6.1b of Meat to the USA. 

Exports of Meat to the USA have grown significantly since 2023. After Australian drought conditions eased in early 2021, farmers began rebuilding their herds. In 2023 Australia’s cattle herd reached its highest level in 10 years. Coinciding with this increase in supply was an increase in demand from the USA due to their own prolonged drought conditions leading to decreased heard sizes, consequently impacting production. This has enabled Australia to significantly grow its meat exports to the USA [4].

Medicinal and pharmaceutical products

In 2024, Australia exported $2.1b of Medicinal and pharmaceutical products to the USA, with 87% of this being Antisera and other blood fractions. 

Antisera (or antiserum) is an immunological product extracted from blood, either human or animal, and used in medical testing and treatments [5]. Since January 2020, 80% of all Australia’s Antisera exports were to the USA.

Merchandise imports from the USA

Australia’s top import commodities from the USA include Road vehicles, Other transport equipment and a range of Machinery commodities. 

Road vehicles

In 2024, Australia imported $5.7b of Road vehicles from the USA, with cars and utility vehicles for the transport of goods the main import commodities within this category.

Imports of Passenger vehicles rose considerably in 2013, as the Australian automotive industry began winding down and the top 3 domestic manufacturers announced plans to halt production in Australia. All domestic manufacturing had ceased by 2017 leading to a rise in imports of both categories [6].

The fall in imports of Road vehicles (primarily Passenger vehicles) in the first half of 2020 coincided with reduced domestic demand for new cars and utility vehicles following the outbreak of the COVID-19 pandemic. Initial lockdown measures placed pressure on household income and spending, and disruptions to supply chains also impacted supply [7]. Imports of Road vehicles from the USA rebounded from 2021 onwards, consistent with an overall increase in imports from all countries, with demand for road vehicles supported by increased levels of household savings during the previous lockdown period and easing of supply chain disruptions [8]. 

Imports of utility vehicles from the USA saw a sharp rise from 2022 onwards. In the 2021-2022 financial year, the Australian Government increased thresholds for purchases under the Instant Asset Write off scheme and introduced Temporary Full Expensing (TFE ceased June 2023) [9]. Both of these schemes made it more appealing and accessible for businesses to purchase large assets, like utility vehicles. The increase in popularity of larger pick-up truck models from the USA has also supported the uptick in imports in recent years [10].

Machinery

In 2024, Australia imported $18.2b worth of Machinery from the USA, increasing from $10.9b in 2019. 

The rise in Machinery imports from the USA has been driven by Electric accumulators and Automatic data processing (ADP) machines, with imports of both commodities increasing significantly since April 2023.

In 2024, Australia imported $1.5b in Electric accumulators (storage batteries) from the USA, representing 8.5% of total Machinery imports for the year. Electric accumulators are used for both transport equipment and energy storage. Australia has been investing in renewable energy storage, with large scale battery systems being built to store energy generated from renewable sources like solar and wind [11]. These systems allow energy generated outside of peak times to be stored and used during peak periods, with demand for these batteries expected to keep growing [12].

In 2024, Australia imported $1.5b in ADP machinery from the USA, accounting for 8.3% of the annual of the annual Machinery imports. ADP machinery imports include laptops and tablets, as well as large servers primarily used for data centres. The growing use of artificial intelligence (AI), as well as cloud computing, is contributing to increased data consumption [13]. Large data centres are being built to cater to this need, with construction of large data processing centres, particularly in New South Wales and Victoria, driving up imports of ADP equipment [14].

Machinery imports includes Power generating machinery, Specialised machinery, Metal working machinery, Industrial machinery, Office and ADP machines, Telecommunications and sound recording equipment and Electrical machinery.

Other transport equipment

In 2024, Australia imported $3.8b in Other transport equipment [15] from the USA, increasing from $2.5b in 2019. Small aeroplanes (less than 15,000kg) and helicopters and their parts, is the largest component of the Other transport equipment series. 

Imports of Aircraft from the USA includes defence imports, like the F-35A Lightning II aircraft delivered in December 2024, as well as aircraft for the civil aviation industry [16].

Other transport equipment also includes commodities such as Railway vehicles and Ships, boats and floating structures. The highest imported commodities from the USA in these categories are Diesel locomotives and Rowing boats, canoes and other vessels for recreation and sport, with total imports in 2024 of $180m and $105m respectively.

Footnotes

[1] Australia-United States FTA | Australian Government Department of Foreign Affairs and Trade

[2] Merchandise trade data are classified by the Standard International Trade Classification (SITC).

 [3] Gold Demand Trends: Q1 2025 | World Gold Council

[4] Insights into Australian Exports of Meat | Australian Bureau of Statistics

[5] Antiserum - an overview | ScienceDirect Topics

[6] Australian Automotive Industry: Transition following the end of Australian motor vehicle production

[7] Domestic Economic Conditions | Statement on Monetary Policy – August 2020 | RBA

[8] Insights into household wealth during COVID-19 | Australian Bureau of Statistics

[9] About temporary full expensing | Australian Taxation Office

[10] American pickup truck sales surge as Australian rivalry heats up | CarExpert

[11] What is battery storage? - Australian Renewable Energy Agency (ARENA)

[12] Introduction | National Battery Strategy | Department of Industry Science and Resources

[13] Data Centres and Energy Demand – What’s Needed?.

[14] AI and data centres | Austrade International

[15] This SITC is impacted by confidentiality restrictions. Information about merchandise trade confidentiality and a list of all current and previous confidentiality restrictions is available from Table 92 in the International Trade in Goods publication. 

[16] Final F-35A aircraft delivered | Defence

More Information

Further information regarding Australia’s trade in merchandise goods, including commodity, country and state data, can be accessed through the Data Explorer portal, under Economy, in the International Trade section. For user assistance on how to use Data Explorer, see the Data Explorer user guide.