Cereals, Machinery including computers, Inorganic chemicals, Meat, Gems & Precious metals
BUSINESS OPPORTUNITIES IN AUSTRALIA
The export of goods and services dropped by 4% which resulted in a two-year low of AUD 35.74 billion by the month of May 2020. However the export of services increased by 2% to AUD 6.13 billion; this rise was seen mainly due to travel which went up by 3%. On the other hand, the imports of Australia also dropped by 6% and hit a seven-year low to AUD 27.71 billion. Also, import of capital goods went down by 7% and reached AUD 9.36 billion.
Australia is a major exporter of minerals and commodities as it is rich in deposits of natural resources. Metalliferous ores and metal scrap exports have reported to contribute 29%to total exports, followed by coal, coke and briquettes which were at 15% of total exports. It also exports a lot of meat, cereals and manufactured goods among others. The main export partners are China, Japan and South Korea.
The main imports of the country are machinery and transport equipment which account for 40% of imports, followed by petroleum, manufactured goods and chemicals and its by-products. The main import partners of Australia are China, the USA and Japan.