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The United States-Australia Free Trade Agreement (AUSFTA) entered into force on January 1, 2005.
Since then, the U.S. and Australian governments have continued to closely monitor FTA implementation and discuss a range of FTA issues. Under the AUSFTA, trade in goods and services and foreign direct investment have continued to expand, and more than 99 percent of U.S. exports of consumer and industrial goods are now duty free.
Australia and the United States are partners in the ongoing Trans-Pacific Partnership (TPP) negotiations. In this negotiation, the United States is seeking to develop a high-standard, 21st-century regional trade agreement that will support the creation and retention of jobs in the United States and promote economic growth. In addition to the United States and Australia, the TPP negotiating partners include Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, and Singapore, and Vietnam. Starting with a group of like-minded countries, the goal is to expand the agreement to include countries across the Asia Pacific, which together represent more than half of global output and over 40 percent of world trade.
U.S.-Australia Trade Facts
U.S. goods and private services trade with Australia totaled $65 billion in 2012 (latest data available). Exports totaled $48 billion; Imports totaled $16 billion. The U.S. goods and services trade surplus with Australia was $32 billion in 2012.
Australia is currently our 26th largest goods trading partner with $35.3 billion in total (two ways) goods trade during 2013. Goods exports totaled $26.0 billion; Goods imports totaled $9.3 billion. The U.S. goods trade surplus with Australia was $16.8 billion in 2013.
Trade in private services with Australia (exports and imports) totaled $24.0 billion in 2012 (latest data available). Services exports were $17.2 billion; Services imports were $6.8 billion. The U.S. services trade surplus with Australia was $10.4 billion in 2012.
Australia was the United States' 15th largest goods export market in 2013.
U.S. goods exports to Australia in 2013 were $26.0 billion, down 16.4% ($5.1 billion) from 2012, but up 99% from 2003. U.S. exports to Australia are up 87% from 2004 (Pre-FTA). U.S. exports to Australia accounted for 1.6% of overall U.S. exports in 2013.
The top export categories (2-digit HS) in 2013 were: Machinery ($5.5 billion), Vehicles ($3.5 billion), Electrical Machinery ($2.3 billion), Optic and Medical Instruments ($2.2 billion), and Aircraft ($1.9 billion).
U.S. exports of agricultural products to Australia totaled $1.3 billion in 2013. Leading categories include: pork and pork products ($176 million), dairy products ($136 million), fresh fruit ($124 million), and prepared food ($121 million).
U.S. exports of private commercial services* (i.e., excluding military and government) to Australia were $17.2 billion in 2012 (latest data available), 6.0% ($972 million) greater than 2011 and 227% greater than 2002 levels. It was 148% higher than 2004 (Pre-FTA). Other private services (business, professional and technical services, and financial services), travel, and royalties and license fees categories accounted for most of the U.S. services exports to Australia.
Australia was the United States 35th largest supplier of goods imports in 2013.
U.S. goods imports from Australia totaled $9.3 billion in 2013, a 2.9% decrease ($277 million) from 2012, but up 45% from 2003. U.S. imports from Australia are up 23% from 2004 (Pre-FTA).
The five largest import categories in 2013 were: Meat (beef, sheep) ($1.5 billion), Precious Stones/metals ($93.8 million), Optic and Medical Instruments ($695 million), and Ores, Slag, Ash (uranium, titanium) ($613 million), and Special Other (returns) ($570 million).
U.S. imports of agricultural products from Australia totaled $2.8 billion in 2013, the 9th largest supplier of Ag imports. Leading categories include: red meats, fresh/chilled/ frozen ($1.5 billion), and wine and beer ($499 million).
U.S. imports of private commercial services* (i.e., excluding military and government) were $6.8 billion in 2012 (latest data available), up 4.9% ($319 million) from 2011, and up 125% from 2002 level. It was 74% higher than 2004 (Pre-FTA). The other private services (business, professional, and technical services), and travel categories accounted for most of U.S. services imports from Australia.
The U.S. goods trade surplus with Australia was $16.8 billion in 2013, down 22.3% ($4.8 billion) from 2012.
The United States has a services trade surplus of $10.4 billion with Australia in 2012 (latest data available), up 6.7% from 2011.
U.S. foreign direct investment (FDI) in Australia (stock) was $132.8 billion in 2012 (latest data available), down 3.2% from 2011.
U.S. direct investment in Australia is led by the nonbank holding, mining, finance/ insurance companies, and manufacturing sectors.
Australia FDI in the United States (stock) was $42.7 billion in 2012 (latest data available), down 18.7% from 2011.
Australia direct investment in the U.S. was led by manufacturing, and the finance/insurance sectors.
Sales of services in Australia by majority U.S.-owned affiliates were $51.2 billion 2011 (latest data available), while sales of services in the United States by majority Australia-owned firms were $12.8 billion.
*NOTE: Refers to private services trade not including U.S. military sales, direct defense expenditures, and other miscellaneous U.S. Government services.