So you’re thinking of doing business in USA and want to know more about Australia’s relationship with this North American country? Let’s take a closer look at USA’s imports of goods and services from Australia, which add up to an enormous AU $24.7 billion of each year (figures taken from 2018-19). This sum is divided up as follows:
- USA imports of goods from Australia –AU $10 billion
- USA imports of services from Australia – AU $14.7 billion
So What Are Service Imports?
We tend to hear much less about service exports than goods exports, but the former is a growing market that is worth considering if you’re thinking about trading with the USA. A service export is a service that is provided from a person who is resident in one country to people or companies in another country. In this case, it’s a service provided by an Australian inhabitant to an USA individual or company.
Here are some examples of service imports carried out by USA individuals or companies:
– An experience paid for by a USA tourist while in Australia (for example renting a car or partaking in a tour or trip with a travel agency)
– A USA student paying tuition fees at an Australian higher education institution
– A USA company receiving advice from an Australian tax advisor about doing business in Australasia
– Rents paid by a USA company for the use of property in Australia (and in the context of freight forwarding, warehouse rental)
– Australian actors employed by a USA film company
As social media and increasingly efficient digital networks and infrastructure bring us closer to our overseas friends, the service exports industry is gaining more traction around the globe.
USA: Imports Of Services From Australia
USA has huge potential for imports of Australian services. These are legally protected by the Australia-United States Free Trade Agreement (AUSFTA), which guarantees non-discriminatory treatment and access to a market of over 300 million people.
Robust frameworks ensure the mutual recognition of professional qualifications, as well as cooperation in financial services in the USA. Other opportunities abound in a range of markets including telecommunications, education and air services. As we have said above, the USA imported around AU $10 billion of services from Australia annually in 2018/2019. The main USA imports of services from Australia during that time were related to professional, technical & other business and personal travel excluding education.
USA: Imports Of Goods From Australia
USA imports of services can be added to the ever-growing industry of goods imports from Australia to USA. In 2018-19 USA imported AU $14.7 billion of goods from Australia per year. The top three items being exported to USA from Australia during that time were beef, aircraft, spacecraft & parts and pharma products.
TSL: Air & Sea Freight Forwarder USA-Australia
TSL is a market leader in logistics, operating high-frequency ocean and air services all over the world. Here’s an example of just some of the services we provide as a professional air & sea freight forwarders USA-Australia:
-Finding the most cost-efficient way to transport your products from Australia to North America
-Striking deals with sea and air carriers to secure reduced rates for your business
-Ensuring the completion of paperwork regarding customs clearance, tax requirements and other legal regulations
-Catering specifically for your company’s requirements
For more information about services and goods imports Australia to USA, please contact the team at TSL today. You can get in touch by:
We look forward to hearing from you!