PNG was Australia’s 22nd largest trading partner in 2017. Export receipts from PNG totalled A$2.2b, down 46% from 2012, which isn’t surprising given the lack of foreign currency available to companies in PNG to make offshore payments. Crude petroleum, meat 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$389m of services to PNG in 2017, most of which were professional and technical services. PNG constitutes a small share of Australia’s tourism industry, with 50,600 arrivals in 2017 (0.6% of the total).
PNG constitutes a small share of Australian investment abroad (less than 1% of the total in 2016). 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.