The United States and Australia have a close and cooperative trade relationship, which is underpinned by the U.S.-Australia Free Trade Agreement (FTA). The United States monitors implementation of the 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. The latest information regarding significant trade barriers can be found in the 2021 National Trade Estimate Report, see here.
Australia Trade Summary
U.S. goods and services trade with Australia totaled an estimated $77.1 billion in 2022 (latest data available). Exports were $52.1 billion; imports were $25.0 billion. The U.S. goods and services trade surplus with Australia was $27.1 billion in 2022.
U.S. goods exports to Australia in 2023 were $33.7 billion, up 10.2 percent ($3.1 billion) from 2022 and up 29 percent from 2013. U.S. goods imports from Australia totaled $16.0 billion in 2023, down 1.3 percent ($216 million) from 2022, but up 72 percent from 2013. U.S. exports to Australia account for 1.6 percent of overall U.S. exports in 2023. The U.S. goods trade surplus with Australia was $17.7 billion in 2023, a 23.2 percent increase ($3.3 billion) over 2022.
U.S. exports of services to Australia were an estimated $21.6 billion in 2022, 30.6 percent ($5.1 billion) more than 2021, and 5 percent greater than 2012 levels. U.S. imports of services from Australia were an estimated $8.8 billion in 2022, 41.4 percent ($2.6 billion) more than 2021, and 20 percent greater than 2012 levels. Leading services exports from the U.S. to Australia were in the financial services, travel, and telecommunications, computer, and information services sectors. The United States has a services trade surplus of an estimated $12.7 billion with Australia in 2022, up 24.1 percent from 2021.
U.S. foreign direct investment (FDI) in Australia (stock) was $173.7 billion in 2022, a 1.6 percent decrease from 2021. U.S. direct investment in Australia is led by nonbank holding companies, mining, and manufacturing.
