Australia and New Zealand
Australia’s competitive, open, vibrant and flexible economy has experienced more than two decades of continuous growth, and ranks as the 12th-largest in the world. Australia’s resources are in demand, in part due to its proximity to the fast-growing economies of Asia—creating a huge demand for mining and other related industrial equipment and technology services. Nearly all tariffs have been eliminated on U.S.-manufactured goods entering Australia since the introduction of the U.S.-Australia Free Trade Agreement in 2005.
Although modest in size, New Zealand shares similar economic and cultural characteristics to those of the U.S. Going from one of the most regulated economies in the OECD 25 years ago to one of the least regulated, New Zealand now profits from being one of the most resilient OECD economies, and has performed particularly well following the global financial crisis, providing a growing and stable platform for Wisconsin exporters.
The U.S. is one of New Zealand’s top trading partners, with leading export categories from the U.S. to New Zealand including motor vehicles, aircraft and medical instruments—all areas of expertise for Wisconsin exporters. The New Zealand economy is currently buoyed by a highly efficient agricultural sector, supported by a growing manufacturing industry and innovative high-tech capabilities. Wisconsin businesses with strengths in agriculture, particularly dairy, advanced manufacturing and high-tech solutions, should consider New Zealand as a safe and stable exporting market.
View Detailed Country Information: Australia
Rich in natural resources, Australia has strong mining and agricultural sectors that require industrial machinery—an area of expertise in Wisconsin. Australia already imports around 70 percent of its mining equipment, and the country needs more equipment as projects move to the production phase. The agriculture sector also presents opportunities for Wisconsin agriculture and food production exporters. Australia is strategically positioned close to Asian markets that are driving fast-growing global food demand, and the industry requires innovation across all aspects of the production and the supply chain.
Additionally, the Australian market for medical equipment and supplies provides good opportunities. The majority of medical technology products used in Australia are imported, with the U.S. being the number-one import source. Wisconsin is already a leader in medical equipment exports, making this a promising opportunity for business growth.
The views or opinions expressed here are solely those of the author(s) and do not reflect those of WEDC. WEDC is not responsible for the contents nor does WEDC guarantee the accuracy, completeness, timeliness or reliability of this information.