Australia shipped US$343.8 billion worth of goods to the world in 2025. That is an amazing figure for a country of 27 million people, and it is built immensely on what lies beneath the ground. Iron ore, coal, LNG, gold, and lithium dominate the export ledger, making Australia one of the most resource-dependent advanced economies on the planet. But the export story is evolving. Critical minerals are surging, gold is challenging LNG for the number two spot, and the question of who Australia sells to is becoming as important as what it sells. Here is the full ranking.

1. Iron Ore: The Undisputed Champion at $116.8 Billion

Iron ore isn’t merely Australia’s leading export it’s the most lucrative commodity the country has ever produced. Forecast to reach $116.8 billion in 2026, iron ore makes up about a quarter of Australia’s total resource and energy commodity exports. The Pilbara in Western Australia continues to drive production, with most shipments destined for China. Australia controls around 30% of the world’s identified iron ore reserves, providing a competitive edge few nations can rival. Brazil comes closest, but ongoing infrastructure and logistical issues keep it well behind Australia.

Market Insight: Australia’s total resource and energy export earnings are projected to reach $383 billion in 2025-26, before dipping slightly to $374 billion in 2026-27. Iron ore will continue to play a central role, making up about a quarter of all exports throughout this period.

2. LNG, Coal, and the Gold Rush: The $200 Billion Middle Tier

LNG is forecast to generate $72.6 billion in 2026, underscoring Asia’s increasing demand for cleaner energy sources. Australia provides about 30% of LNG to Asia and continues to rank among the world’s top three exporters, alongside Qatar and the United States. Coal is close behind at $71.3 billion, with Australia maintaining its status as the leading exporter of metallurgical coal used in steel production. The main importers are India, Japan, and South Korea.

Gold, meanwhile, is experiencing a notable rise. Exports are expected to reach $60-69 billion in 2025-26, which could see gold surpass LNG as Australia’s second most valuable resource export. The surge is fueled by record prices, spurred on by geopolitical instability and strong central bank purchases. Completing the top five is agriculture, with exports worth $66.6 billion, covering products such as wheat, barley, beef, dairy, and wine.

3. Lithium and Critical Minerals: The Future Is Underground

Here’s where Australia’s export landscape truly takes off. As the world’s top lithium producer, Australia is set to see export earnings surge from $4.8 billion in 2024-25 to $6.8 billion by 2026-27. Global demand for lithium is climbing at almost 15% annually, fuelled by the expansion of electric vehicles and battery storage solutions. Remarkably, China takes in 94% of Australia’s spodumene exports, resulting in both significant revenue and heightened concentration risk.

Looking beyond lithium, critical minerals exports are expected to increase from $11 billion to $14 billion by 2026-27, with rare earths and antimony contributing alongside lithium to this growth. The global shift toward clean energy is establishing a whole new export category for Australia one that was virtually nonexistent just ten years ago.

Market Insight: Critical minerals exports are forecast to reach $14 billion by 2026-27. Lithium, rare earths, and antimony are the fastest-growing segments, positioning Australia as a cornerstone of the global clean energy supply chain.

4. Who Buys It All: The Asia-Pacific Anchor

China is the destination for roughly 30% of everything Australia exports, taking in US$103.4 billion in 2025 alone. Japan follows as the second-largest partner, with the two countries combined absorbing 37.7% of total export revenue. South Korea, India, and the United States round out the top five. The Asia-Pacific orientation is overwhelming, with 80-85% of exports still concentrated in minerals and energy products headed east.

But diversification is quietly underway. Demand from Europe, North America, South Asia, and Southeast Asia is absorbing a larger share of Australian production. The West now accounts for a growing portion of exports. India in particular is emerging as a strategic buyer, with its steel industry hungry for metallurgical coal and its energy transition creating new demand for critical minerals.

5. The Competitive Edge: Where Australia Leads and Where It Is Exposed

Australia’s commanding role in exporting iron ore, LNG, and lithium secures it a global standing that few nations can rival. As the top exporter of iron ore and lithium, a leading LNG supplier, and the foremost provider of metallurgical coal, Australia’s dominance is clear. However, such dominance comes with its own risks. With 94% of lithium exports heading to a single country and one commodity accounting for a quarter of total exports, any geopolitical changes or a dip in demand from one market can have far-reaching effects on the economy.

The current global oversupply of lithium serves as an early warning. Despite robust demand, the market cannot absorb all the extra supply in the near term, keeping prices subdued even as export volumes increase. At the same time, service exports especially in education and tourism contribute significant value, yet they are often overlooked in discussions about Australia’s export strengths.

Market Insight: Australia exported US$343.8 billion in goods in 2025, up from previous years. China alone took 30.1% of the total. The bilateral trade surplus with China has compressed from USD $45 billion in 2021 to USD $19 billion in 2025, signalling a rebalancing of the relationship.