The department was created as part of a reshuffle of the seventh Menzies ministry following the Coalition's re-election at the 1955 federal election.
[3] The new department was created by Prime Minister Robert Menzies at the behest of Country Party deputy leader John McEwen, who was previously Minister for Commerce and Agriculture.
[4] Given Australia's reliance on overseas trade, the department came to exercise significant influence on economic policy, coming to rival the Department of the Treasury.
[3] Additionally, other ministers whose departments touched on overseas trade were expected to consult with McEwen on policy matters.
[5] Information about the department's functions and government funding allocation could be found in the Administrative Arrangements Orders, the annual Portfolio Budget Statements and in the department's annual reports.