On 19 December 1972, the new Australian Labor Party Government decided to abolish the Department of Trade and Industry (CA 66) and divide its functions between the Departments of Overseas Trade, Primary Industry [I], Secondary Industry and Prime Minister and Cabinet (Commonwealth of Australia Gazette, No 131, 20 December 1972). The functions of the Department of Overseas Trade were:
 
. Trade and Commerce with other countries, including trade promotion . Trade agreements and export services.
 
At its establishment the Department administered the following Acts:  
 Customs Tariff (New Zealand Preference) Agreement Act 1933
 Export Payments Insurance Corporation Act 1956-1973
 International Sugar Agreement Act 1969
 International Tin Agreement Act 1971
 International Wheat Agreement Act 1971
 Trade Agreement Acts
 Trade Commissioner's Act 1933-1973
 
A press release was issued by the Prime Minister in December 1972 concerning the functions of the new department.
 
 "The Government believes it is desirable to separate the important  
 activity of overseas trade from the Departments responsible for
 primary and secondary industry.
 
 "The new Department of Trade will be able to concentrate on export
 promotion, the negotiation of international agreements with a view
 to greater stability in world trade and encouragement of the trade
 of the less developed countries.
 
 "The new department will be free to concentrate on trade matters and
 to develop policies on them in co-operation with, but independently
 of, the Departments of Primary Industry and Secondary Industry.
 
 "Administration of the Tariff Board Act, except to the extent to
 which it is administered by the Minister for Customs and Excise,
 will be transferred to the Prime Minister. This is to ensure that
 there is full co-ordination of Government policy before references
 are made to the Tariff Board and when its reports are being
 considered."
 (From Press Release: New Departments: Summary of Main function and
  brief notes.)
 
In October 1974, the administration of the Australian Industry Development Corporation Act 1970-1973 was passed to Overseas Trade from the Department of Secondary Industry (CA 1487) and responsibility for the International Sugar Agreement was passed to the Department of Northern Development (CA 1483). On 11 December 1974 the Australian Industry Development Corporation Act was transferred to the Department of the Treasury [I] (CA 11) following the appointment of Dr Cairns as Treasurer, and the responsibility for adjustment assistance to industry passed to the Department of Manufacturing Industry (CA 1770) (Commonwealth Gazette, No 100D, 11 Decmeber 1974).  Responsibility for the International Sugar Agreement Act 1969 was transferred to the Department of Overseas Trade from the Department of Northern Australia (CA 1889) by the Administrative Arrangements Order of 22 December 1975 (Commonwealth Gazette, No S262, 22 December 1975, p 12).  

The Department of Overseas Trade was abolished on 20 December 1977, (Commonwealth Gazette, No S289, 20 December 1977).  All of its functions were assumed by the Department of Trade and Resources (CA 2477) which was created on that date.

The Ministers for Overseas Trade were:
 
19 Dec 1972 - 11 Dec 1974   : Hon Dr J Cairns (CP 95)
11 Dec 1974 - 22 Dec 1975   : Hon F Crean (CP 97)
22 Dec 1975 - 20 Dec 1977   : Hon J D Anthony (CP 55)
 
The Secretary to the Department was D H McKay, OBE.
Historical agency address
1972-1974: Administrative Building, King Edward Terrace, Parkes ACT
1974-1977: Trade Group Offices, Barton ACT
Legislation administered
Creation: Executive Council Meeting No.55 (PSB Minute No.1972/48) of 19 December 1972
Abolition: Executive Council Meeting No.104 (PSB Minute No.1977/79) of 20 December 1977