Europe is an established market comprising 28 member states.

The weakened Australian dollar has improved competitiveness of Queensland exports and attractiveness of inward investment.

There are many opportunities in Europe to leverage the Advance Queensland initiative given the strong technology hubs in London, Dublin and Berlin.

Economy

The European Union (EU) represents the largest global economy with US$16.47 trillion GDP in 2016.

Trade

With a population of more than 500 million, the EU accounts for 20% of all global imports and exports.

Australia’s services exports to the EU grew by 20.3% from $8.5bn in 2010-2011 to $10bn in 2014-15 with significant increases in the telecom, computer and information services sector over the same period.

Investment

The EU is Australia’s second largest trading partner and continues as the largest source of foreign direct investment (FDI). In 2015, the EU’s foreign direct investment in Australia totaled $157.6 billion – 21.4% of Australia’s total inwards FDI.

Despite the 52% majority decision to leave the EU announced in June 2016, the UK is:

  • the second largest source of inbound FDI to Australia
  • and is ranked the fifth largest global economy alongside Germany (fourth) and France (sixth) by 2016 GDP.

Implications of Brexit

Brexit explained

Following the referendum on the United Kingdom’s continued membership of the European Union, The Committee for Economic Development of Australia (CEDA) has released a paper that discusses the leave and remain campaigns, implications for business and the economy, political fallout and implications for Australia. Read CEDA’s Brexit Explained →

Brexit: Impact for Australian companies and what next for the pound

View the Export Council of Australia’s hour long webinar about the impact of Brexit

Wind turbines in Galicia, Spain

Europe and UK opportunities

CurrentMid termLong term

Current

  • Processed food
  • Infrastructure, transport and logistics
  • Coal and LNG
  • Education and training
  • METS, mining and advanced manufacturing
  • Technologies and financial services

Mid term

  • Security and defence
  • Innovative technology
  • Scientific research and development collaboration
  • Tourism investment
  • Agribusiness

Long term

  • Renewable energy
  • Innovative technology
  • Shale oil and gas