Spontaneous bleeding of sugar-rich sap from cambial-deep incisions in the bark of trunks was demonstrated for Eucalyptus globulus and other eucalypts across a range of localities and seasonal conditions in south-west Australia. High levels of sucrose and raffinose (up to 31% w/v total sugars) were present in the exudates, and upward and downward gradients in exudate sugar concentrations were recorded between samples obtained at different heights up trunks of E. globulus. The data indicated a phloem origin for the exudates, with source:sink pressure gradients driving translocation. Concentration ratios of sugars to amino acids were consistently lower in exudate from upper (distal) than basal regions of trunks, suggesting preferential partitioning of nitrogen upwards towards the trunk apex. A comparison of phloem and xylem sap composition from one plantation over a season showed nitrate in xylem but not phloem and substantial amounts of sodium, and high concentrations of chloride and sulphate relative to phosphate in xylem and phloem. Phloem sap sampled across a range of 29 contrasting plantations of E. globulus at peak stress (autumn) showed great inter-site variability in concentrations of amino acids, sulphur, sodium and certain trace elements and in C:N and Na:K ratios of sap. Carbon isotope ratios (δ13C) were strongly correlated with sugar concentrations of the sap samples from these and other plantations. Use of sap compositional attributes of phloem and δ13C values of translocated carbon is suggested for assessing the current nutritional condition and water status of E. globulus plantings.