Trade between the United States and Australia is strong, as evidenced by the Australia–United States Free Trade Agreement. The United States is Australia’s fourth largest export market and its second largest source of imports.[51] The United States is also the largest investor in Australia while Australia is the fifth largest investor in the US.
Australia and the United States also provide significant competition for each other in several third-party exports such as wheat, uranium and wool and, more recently, in the information technology sector. Although the US has a sizable sheep population, American imports of lamb meat from Australia and New Zealand remain stronger than the domestic output.