Why this is important to Wisconsin businesses: Wisconsin businesses can visit the region and take advantage of its optimistic outlook for economic recovery following the pandemic.
Wisconsin companies seeking to sell their goods and services in Australia can now visit the country again, for the first time in two years.
The last of Australia’s states opened its borders to vaccinated visitors in March after maintaining some of the most stringent restrictions in the world aimed at stopping the spread of COVID-19.
New Zealand will follow suit by the end of July.
With a combined population of about 32 million, Australia and New Zealand have been appealing markets for American companies, including those in Wisconsin.
Wisconsin has a strong, longstanding trade relationship with Australia. It was the state’s seventh-largest export destination in 2020, with $563.7 million in Wisconsin goods sold to Australian purchasers. In 2021, Australia fell to the ninth-largest export destination, though the value of Wisconsin goods and services sold there rose to $601.2 million.
Wisconsin exports to New Zealand totaled about $89 million in 2020.
Australia and the U.S. have a particularly close economic relationship through the Australia-U.S. Free Trade Agreement. In effect for more than 15 years, the pact eliminates tariffs on most U.S. exports to Australia.
In Australia, key sectors for exporters include industrial machinery; high-tech products such as electronics and machinery; and robotics, automation, remote monitoring and predictive maintenance systems.
In New Zealand, opportunities include aircraft and parts, mechanical machinery and equipment, and medical and pharmaceutical products.
More in-depth insights into specific sector opportunities are available on the WEDC market intelligence portal.
Companies already doing business in Australia can plan to visit partners and conduct in-person site and market visits. Exporters who signed deals during the border closures can meet their new partners to gain a better understanding of their operations and culture. WEDC also has a virtual Global Trade Venture to Australia and New Zealand planned for November 2022.