Australia is the fifth largest economy in the Asia-Pacific region and the twelfth largest economy in the world. At current exchange rates Australians are among the wealthiest in the world per capita and the country has entered into a number of free trade agreements which establish close ties to countries around the world.
Australia imports around $225 billion per year of which about 40% is made up of machinery and transport equipment including cars, electrical machinery and telecommunications equipment. Other imports include manufactured goods, petroleum and food. Major import partners include China (23%), the United States (11%) and Japan (7%).
Exporting to Australia? Contact our local experts
Export finance is a revolving facility which some banks and specialist lenders offer - it enables businesses to purchase stock and can help ease the pressure from working capital problems.
Often, a trade finance bank will fund most of the cost of the receivables, including charges (e.g. shipping costs).
If you're a firm importing or exporting products outside of your own country, then a trade finance facility would assist your company to fund this through offering a letter of credit (LC) or some form of cash advance.
If you’re looking to export products to other countries, you may require export finance, which is an agreement between you (the exporter), and the importer. A alternative finance bank will advance you the cost of producing the goods that you are exporting (as a debt instrument), either once you have sent the goods, or before producing them. Once your foreign importer has received the products and pays you for the import, you will repay the advance loan from the funder over an agreed period of time.
Read the TFG Exporters Guide here.
Importing from Australia? Contact our local experts