The US was Australia's 2nd largest bilateral trading partner in 2020. Total goods and services trade between the US and Australia amounted to almost $73 billion in 2020 (9.1% of Australia’s total trade portfolio). The two parties signed a free trade agreement in 2004, which allows most Australian exports significant access into the US market and encourages greater bilateral investment. There are more than 4,000 Australian parent companies with 1,500 individual entities in the US, and more than 3,000 individual points of presence. Major Australian firms in the US include Austal, BHP, Rio Tinto, Incitec Pivot, LendLease, Macquarie Group, and Servcorp. The COVID-19 pandemic disrupted bilateral trade. Major Australian goods exports include gold, beef, pharmaceutical products and aircraft, spacecraft and parts. Major goods imports from the US include aircraft, spacecraft and parts, passenger motor vehicles, crude petroleum and pharmaceutical products.