In 2007-08, the European Union, when treated as a single market, was Australia’s largest two-way merchandise trading partner, our third-largest market for merchandise exports (behind Japan and China) and our largest source of merchandise imports.  Australia’s total two-way merchandise trade with the European Union in 2007-08 was valued at $71 billion, with total Australian merchandise exports to the European Union worth $23.6 billion, a 23 per cent increase from 2006-07.  Australia’s two way services trade with the European Union in 2007-08 totalled $20.3 billion, up three per cent from 2006-07.

Total merchandise exports from Australia to the European Union represented 11 per cent of total merchandise exports.  Australia’s major merchandise exports to the European Union include gold, coal (the EU as a single entity is Australia’s second-largest market for coal after Japan and represents 13% of its total coal exports), wine and mineral ores.

Australia's main imports from the Eropean Union include medicines, passenger motor vehicles, gold, goods vehicles, aircraft and parts, engineering equipment and measuring and analysing equipment. 

The European Union is the largest direct investor in Australia.  In 2008, total direct investment was $133 billion.  This represented 33.9% of all direct foreign investment into Australia.  The United Kingdom represented 45% of this investment, with the Netherlands representing 19% and Germany and France both representing 10%.  Australia invested some $42.6 billion directly into the European Union in 2008.  54% of this was directed to the United Kingdom, with a further 19%  heading to Germany and the Netherlands receiving some 13% of total direct investment.