Introduction The purpose of this report is to analyse the structure and pattern of Australia's trade. The report uses trade statistics from 1999-2000 to 2003-04 and theoretical perspectives to help explain the pattern of trade. The focus will begin with the balance of payments in relation to exports and imports, then move on to the determinants of the terms of trade, and finally, an analysis of why Australia's trade pattern is as it is. Note: All figures as shown in Australian dollars (AUD). Balance of Payments The Australian balance of payments is a systematic record of economic transactions between the residents of Australia and residents of other countries. (ABS 5363.0, 2005) Exports Australia's total exports, according to the Australian Bureau of Statistics, equalled 97,286 million dollars (m$) in 1999-2000. Steady increases flowed to 121,108m$ in 2001-02, however by 2003-04, exports had decreased to 108,906m$ (ABS 1301.0, 2004). These figures are shown in Table 1. Australia's eight largest exporting partners in 2003-04 were Japan, China, United States of America (USA), Korea (South), New Zealand, United Kingdom, India and Taiwan, as shown in Table 2. Table 1: Total Merchandise Exports 1999-2000 -- 2003-04 Year Exports in Millions -2000 97,286 -01 119,539 -02 121,108 -03 115,479 -04 108,906 (Source: ABS 1301.0, 2004) Table 2: Largest Exporting Partners 2003-04 Country Exports in millions Japan 19,798 China 9,912 USA 9,453 Korea (South) 8,473 New Zealand 8,080 United Kingdom 5,132 India 4,861 Taiwan 3,701 (Source: ABS 1301.0, 2004) The composition... ... middle of paper ... ...p://www.rba.gov.au/PublicationsAndResearch/StatementsOnMonetaryPolicy/Boxes/2004/2004_05_a_box.pd f) viewed 6 September 2005. Jackson and McIver, 2001, Macroeconomics, 6th edition, McGrw-Hill, Australia. RBA Balance of Payments 2005, Available at: http://www.rba.gov.au/ChartPack/balance_of_payments.pdf, viewed 8 September 2005. RBA Box A 2004, Available at: http://www.rba.gov.au/PublicationsAndResearch/StatementsOnMonetaryPolicy/Boxes/2004/2004_05_a_box.pd f, viewed 8 September 2005. RBA HO3 2005, Available at: http://www.rba.gov.au/Statistics/Bulletin/H03hist.xls, viewed 8 September 2005.
After Sir John McEwen, the former Minister for Trade, signed the Australia-Japan Commerce Agreement in 1957, the trading aspect between the two nations has developed ...
MacDermott, D. (1993). As we see you. In D. Grant & G. Seal (Eds.), Australia in the world (pp. 86-91). Perth: Black Swan Press
Trade, of course, is only part of a larger network of relationships between our two countries. This network evolves in response to many complex influences, and exporters need to consider how our two countries' ever-expanding, ever-changing relationships will affect their activities. To take just a few examples:
Iron ore is Australia’s highest valued and most successful commodity export (see Figure 1). Throughout the 1990s and early 2000s, this mining industry played a key role in both Australia’s and the global economy. The change in the industry was brought about, particularly, by the many operations and movements resulting from globalisation that pushed Australia’s exports further than they had ever been. In 2007, “Australia produced around 16% of the world's iron ore and was ranked third behind China (32%) and Brazil (19%)” (Minerals Council of Australia, 2008). Although Australia is not the largest producer, it is currently the largest exporter of iron ore in the world (Australian Minerals Industry, 2008).
Slaves and slave trade has been an important part of history for a very long time. In the years of the British thirteen colonies in North America, slaves and slave trade was a very important part of its development. It even carried on to almost 200 years of the United States history. The slave trade of the thirteen colonies was an important part of the colonies as well as Europe and Africa. In order to supply the thirteen colonies efficiently through trade, Europe developed the method of triangular trade. It is referred to as triangular trade because it consists of trade with Africa, the thirteen colonies, and England. These three areas are commonly called the trades “three legs.”
Australia’s fortunes are shaped and determined by the political, economic and social forces with the engagement with the Pacific. Australian policies towards the Pacific show a massive measure of continuity with the policies pursued by the conservative Coalition government. The engagement with the Pacific has the impact of proximity and the regional variations with the international policies on Australian policies in relation to neighbouring countries.
- High external debts (Australia has an account deficit due to high amounts of money invest towards mining)
We as a world together have been through a lot of changes and made a lot of advances over the past couple of centuries. Many have argued about the outcome of the European expansion on the Americas. Some people feel that the Europeans had both a positive and negative impact on the expansion; however, the negative impact gave a devastating result, which would continue to change history for almost four hundred years. The Europeans were manipulative towards to indigenous people of the Americas. They exploited them, using them as their personal slaves. Most importantly, they silently murdered the Natives by introducing them to diseases such as the measles and smallpox. Consequently, a small pox epidemic was caused, which resulted in the deaths of at least ten million Natives. This exploitation and the introduction of these diseases to these people was done through the “triangular trade”.
One of the main factors that caused globalisation in Australia was a reduction in protection, the act of National trade barriers being removed. A reduction in protection of international trade is done by governments who work together to develop agreements with each other to reduce trade barriers and allow tariffs on imported goods to be reduced. Australian governments have been involved with countries such as Singapore and Malaysia in an effort to help reduce the tariffs and quotas on imported goods, resulting in free trade agreements between other countries. For example, when National trade barriers are removed, opportunities are opened up to Australian business to import goods at a cheaper price and then export other goods to new markets in other countries. Evidence of this was recently reported on the ABC news program, the reporter quoted that ‘our government should not sign any free trade agreements with Japan, until the tariffs on Australian beef and dairy products are reduced.’ This news report showed local Australian farmers who are trying to convince our Prime Minist...
"Australia." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. N.p., n.d. Web. 2 Dec. 2013. .
-By 1880, many young Australian-born colonists were proud and spoke very proudly of themselves because they were ‘Australian’.
Therefore, economic and political with surrounding states must be preserved to ensure their economic security. The decline in mineral exports to China, a major export, has put considerable strain on the Australian economy still recovering from the effects of the property bubble and subsequent financial crisis. With the Chinese economy slowing down, Australia, is actively seeking alternative economic agreements to fill the rising gap. Recently, the Australian Government repealed the ban on selling uranium to India and has come to an agreement on exportation to India. This move reflects Australia’s plans to focuses on India rather than Indonesia to for long-term economic security. The move towards India poses the question of what benefits that would be gained with cultivating closer ties to the Indonesian
The prices of primary products in the international markets are very low hence the producers are not compensated for their efforts. After being processed into finished products by other nations, the final commodities are imported into the country at a very high price. This implies that in most cases, other countries are the ones who benefit from the raw materials produced in the primary industries in Australia (Peters et al., 2010 1330). The government of Australia should improve its manufacturing industry so that it can process raw materials domestically and export the finished products. This will enable the country to benefit from its primary industry more than it could when exporting the raw commodities.
Technological advancements have continued to expand Australia’s consumer market globally and remains’ to be one of the fundamental driving factors of globalisation. Since the 1990s development of computer software and telecommunication have increased the amount of information and resources readily available for people and businesses in need. The introduction of computer software into society, particularly the World Wide Web has allowed for instant communication and has revolutionised people’s social life and the modern economy. The increase level of knowledge and communication has provided Australian businesses with the opportunity to further develop their businesses and use the technological advances to provide their services and goods to a larger consumer market. For instance, recent statistics by the NAB Online Retail Sale Index found that Australians are spending nearly $15 billion ...
Australia is one of the world's developed countries. It has busy cities, modern factories, and highly productive farms and mines. Australia is the world's leading producer and exporter of wool and bauxite. It also produces and exports large amounts of other minerals and farm goods. The income from these exports has made it possible for most of the people of Australia to have a high standard of living. In the past, Britain was Australia's most important trading partner.