PNG was Australia’s 20th largest trading partner in 2016. Merchandise export receipts from PNG totalled A$1.7b, down 40% from 2012, which isn’t surprising given the lack of foreign currency available to companies in PNG to make offshore payments. Crude petroleum, wheat and civil engineering equipment and parts were the major export items. Imports from PNG, mainly gold and crude petroleum, rose 19% to A$3.6b. Australia is PNG’s largest trade partner.
Australia exported A$482m of services to PNG in 2016, most of which were professional and technical services. PNG constitutes a small share of Australia’s tourism industry, with 52,000 arrivals in 2016 (1% of the total).
PNG constitutes a small share of Australian investment abroad (less than 1% of the total in 2015). Australian investment in PNG was worth $18b in 2016, mostly geared toward the natural resource sector. Investment stocks in PNG have increased significantly since 2009, reflecting Australian investment in the PNG LNG project.