The 27 members of the European Union as a bloc constitute one of Australia's largest trading and investment partners. Total two-way trade with the EU was valued at $77.2 billion in 2009 representing 15.2% of Australia's total trade (excludes imports of aircraft since September 2008).

Australian merchandise exports to the EU were worth $15.9 billion in 2009-10. Australia's major merchandise exports to the EU include gold, coal, wine and medicines. Australia's merchandise imports from the EU in 2009-10 totalled $38.5 billion, down 15.2% on 2008-09 (excludes imports of aircraft since September 2008). Australia's merchandise imports from the EU were dominated by manufactured goods, with the top categories of imports including medicines, passenger motor vehicles, chemicals and measuring instruments.

The EU is one of Australia's largest two-way services trading partners, with two-way services trade in 2009 valued at $20.3 billion. Australia's services exports to the EU were worth $8.6 billion in 2009.

The 27 members of the EU as a bloc constitute Australia's largest foreign investor.  At the end of 2009, EU foreign direct investment in Australia totalled $146.6 billion – approximately 34% of Australia's total inwards foreign direct investment. The UK dominates EU foreign direct investment in Australia (accounting for 43% of the EU total). The Netherlands (23%), Germany (11%), and France (9%) are also significant investors.

The EU accounted for $93.9 billion of outwards Australian direct investment as at 31 December 2009. Australia's largest direct investments in Europe were in the United Kingdom (69% of Australian direct investment in the EU) and Germany (10%).