BILATERAL TRADE BETWEEN THE UNITED STATES AND AUSTRALIA IS GROWING EVERY YEAR – IS IT GOOD NEWS OR BAD NEWS?

 In the year 2020, the United States and Australia celebrated their 80th anniversary of diplomatic relations. Australia is considered one of the major and most supporting partners of the United States. Both nations are mutually understanding and supportive on various grounds such as economic, social, defense, and cultural. The bond between these two countries is a source of motivation for all the countries in the Indo-Pacific belt.

Not only bilateral trade but also the bilateral defense connections between the US and Australia are strong as the armies of both nations have fought side by side in every major war. Some of the battles that these two nations fought together were the battle of Hamel, the Battle of the Coral Sea, and Guadalcanal. Since World War 1, both nations are regularly taking necessary steps to grow their relations and make their defense systems even stronger and more powerful. Various agreements are signed between these countries to protect their rights and grow their economic strength.

Apart from defense, Australia and the US has a list of co-operations that have been done by both. One of those co-operations was the establishment of the “Fulbright program” in the year 1949. Till now over 5000 people from both nations have successfully received this Fulbright scholarship.

BILATERAL TRADE ANALYSIS BETWEEN THE US AND AUSTRALIA

After the successful completion of the Free Trade Agreement between the US and Australia in the year 2005, the US Export Data with respect to Australia grew by 90% (goods) and 100% (services). Way back in 2020, it has been said that the exports from the US to Australia generated close to 170,000 jobs in both countries. In the year 2021, the trade between the US and Australia touched USD 61.15 billion with a positive trade balance of USD 24 billion with the United States.

Based on the latest trends and US Trade Data for the month of November 2022, the US exported goods worth USD 2.42 billion to Australia and imported goods worth USD 1.4 billion from Australia resulting in a positive trade balance of USD 1.02 billion. On comparing the US Export Data for November 2022 with November 2021, the exports have grown by almost USD 277 million in 2022. While comparing the US Import Data for the same duration, we get to know that imports to the US from Australia also grew by USD 308 million.

According to the US Export Data of November 2022, the major items that were exported from the US to Australia were:

·        Automobile (USD 128 million)

·        Miscellaneous items (USD 123.5 million)

·        Packed medicines (USD 110 million)

·        Commercial trucks (USD 102.5 million)

·        Medical equipment like vaccines, blood, and toxins (USD 96.45 million)

Similarly, on studying the US Import Data for the month of November 2022, the major items that were imported by the US from Australia were:

·        Coins (USD 224 million)

·        Medical equipment like vaccines, blood, and toxins (USD 126 million)

·        Animal meat, specifically sheep and goat (USD 108.56 million)

·        Miscellaneous items (USD 80.5 million)

·        Therapeutic appliances (USD 61.45 million)

In the month of November 2022, the sole reason behind the increase in the exports of the US to Australia was the growth in exports of insulated wires (+317%), tractors (+80.1%), and precious metals like diamonds (+1500%) to Australia. On the other hand, the reason behind the rise in imports to the US from Australia was due to the growth in imports of metal products (+2120%), coins (+597%), and gold (+3520%).

CONCLUSION

So, it is not hard to believe how strong is the relationship between the US and Australia. Both countries move hand in hand with each other on all grounds and work together for each other’s betterment. As the United States is a bigger country than Australia, the rank of the US in the ECI is 9 whereas the rank of Australia is 74. There is a lot more stuff planned between these nations that will unfold in the future soon. So stay connected with us so that you don’t miss any future update.

 

BONUS TIP FOR ALL THE READERS

We hope you liked our report. If you are looking for a more advanced and detailed US Trade Data or US Import Data report or want a customized plan for yourself, then get in touch with us today and get the most interactive database from us which would help you formulate your strategies.

For any query, drop us a mail at info@tradeimex.in or visit our website https://www.usimportdata.com

 

 

 

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