Australia is globally recognized as a self-sufficient country, and there are statistics to give grounds to the belief. In Statista’s 2018 list of global leading importers, Australia can be found nowhere among the top 20 countries and the trend transcends into the 2019 exporters report.
However, the country conveniently manages an export market of over $195 bn and an import market of $187 bn, a balance worth boasting that secures Australia’s position as the 23rd largest exporter in the world.
Imports and Exports tell a lot about the logistics industry, one that is known to be resilient in times of the global pandemic and promises to proliferate in the future. To understand the future trends of this market, let’s have a look at the most promising sectors of imports and exports in Australia.
Top 5 Imported Australian Goods
These include everything from electronic gadgets like computers, appliances like refrigerators and air conditioners to heavy and complex machinery like bulldozers and centrifuge. The $30.7 bn import machinery market of Australia draws on the greater demands in turbojets, filters, and purifiers than in gadgets, clearly indicative of the digitally-driven technological advancement of Australia.
A trend that is found in every country’s import, fuel bags the place at the top and includes all kinds of oil (crude, petroleum, and coal tar) among conventional fuels and coke to contribute to a whopping $27.1 bn market.
Australian vehicle imports suggest an interesting trend wherein every vehicle from cars to tractors showed a decline. Armored vehicles singlehandedly pulled the graphs to $26.7 bn.
Electrical Machinery & Equipment:
If you already didn’t know, the only electricals that are capitalizing on bear markets are headphones and batteries, so much so, that despite the slump in every other equipment, the market brings in $24.5 bn.
Reports indicate an $8.4 bn worth import market of medicines in Australia, but the analysis is rather dangerous. Australia’s healthcare depends on 90% of pharma imports, which is naturally expected to rise having encountered a pandemic.
Other imported goods that rank closely behind include:
Optical, Technical, Medical Apparatus: ($8.1 bn)
Gems, Stones, and Precious Metals ($6.6 bn)
Plastic Material and Products ($5.8 bn)
Infra Accessories Like Furniture, Bedding, Lighting ($4.6 bn)
Iron or Steel Based Articles ($4.5 bn)
Top 10 Exported Australian Goods
Australia ranks third in the list of top global exporters of fossil fuels, as reported by The Guardian. The larger chunk of national exports of 32.6% makes it an $88.9 bn market.
Ores, Slag, Ash
This one’s the industry that boomed within the year and recorded the highest growth and reaching an unparalleled $78.6 bn market capital.
Gems, Stones, and Precious Metals
It’s no surprise that Australia is geologically rich. Being the world’s largest producer of diamond and opal and a renowned supplier of sapphire, ruby, and all things precious add up to an $18 bn industry.
While 2019 recorded Australia to be the most valuable beef exporter in the world, lamb, chicken, and pork collectively contribute to an $11.5 bn market.
Although a substantial decrease in exports of inorganic chemicals was recorded from late 2019 to early 2020, the industry has picked up and accounts for $6.3 bn worth of total exports.
Other exported goods that are ruling the market include:
Machinery ($4.8 bn)
Pharmaceuticals ($3.8 bn)
Electrical Machinery & Equipment ($3.5 bn)
Cereals ($3.5 bn)
Optical, Technical, Medical Apparatus ($3.3 bn)
Imports, exports, and logistics are interdependent in more aspects than one. With a detailed analysis of these statistics, you can predict what lies ahead for logistics. The road may be rocky, but definitely uphill.