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 ...
During the postclassical period, the expansion of trade had different interpretations around the world. Varying societies all reacted to trade in different ways due to how they viewed the situation. It had caused conflict in few areas around the world and also created peace as well as harm. Some communities had pros and cons to trade, like everything else. Some reasons for the positive or negative feedback on trade was due to religion, and or the philosophical system. Religion and the philosophical system was both pros or cons for trade in different civilizations. Religion helped with the spread of different ideas and religions across a mass area. Yet it had a negative input because then people fought, thinking their religion was more
Last year, Canada received 443 billion dollars in revenue from exporting goods throughout the world. Almost 54% of that was covered by Canada’s three major exports (Stat Can.) - mineral products, transportation items, and electrical equipment and machinery. While preparing theses resources for export may be difficult, it is worth it. This essay will review the large role exports play in Canadian economy by being a immense source of income, allowing Canada to maintain robust trade routes and relations throughout the world, and providing Canadians with many jobs.
Westpac Institutional Bank May 2010, ‘Westpac Market Insights Australia, New Zealand, G3 & China’. Retrieved June 6th, 2010 from - http://www.westpac.com.au/about-westpac/media/reports/australian-economic-reports/
Ultimately, however, it is Canadian exporters of all sizes and in all industries that make this relationship as successful as it is. In 2003, Canada exported approximately C$365 billion worth of goods and services to the U.S., while it imported nearly C$280 billion from its southern neighbour. In fact, U.S. exporters sold more goods to Canada in 2003 than they did to the European Union.
Bentley, J., & Ziegler, H. (2008). Trade and encounters a global perspective on the past. (4th ed., Vol. 1, pp. 182-401). New York: McGraw-Hill.
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.”
Reserve Bank of Australia (2010). Minutes of the monetary policy meeting of the board – 3 August 2010. Retrieved August 20, 2010, from http://www.rba.gov.au/monetary-policy/rba-board-minutes/2010/03082010.html.
"Australia." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. N.p., n.d. Web. 2 Dec. 2013. .
Certain regions could also have a higher production rate due to their culture and what their nation encourages economically, which could seem favorable for regions who may not produce it like they do because they cannot or they just don’t have the market to do so in their country. Australia’s has had an influx of imports due to Australia’s free trade agreements with: China, Japan, Korea and Trans-Pacific Partnership countries. The free trade agreements have benefits which include; creating stronger ties with our trading partners, promote regional economic integration and build shared approaches to trade and investment, increase Australia’s productivity and contribute to higher gross domestic product (GDP) growth by allowing domestic businesses access to cheaper inputs, introducing new technologies and fostering competition and innovation and most importantly the elimination of tariffs and behind the border barriers that impede the flow of goods and services between parties which increases cooperation and encourages investment. The influx of
The circular flow of income is an open model of the Australian economy which represents the flow of money between the five sectors. In an economy, the state of equilibrium is achieved when the total leakages are equal to the total injections. Changes in expenditure and output can lead to equilibrium income becoming regained in the economy, which is where leakages are equal to injections and the circular flow of income experiences no change in size. The equilibrium level of income refers to the level of income, output and employment at which the aggregate demand and the aggregate supply in an economy are equal.
Australia’s cultural diversity has a large range of different Ethnic groups which opens more of an opportunity in regards to trade, education and investment. Unlike many other countries, Australia has a no discrimination policy against different religions. As we have many different ethnic groups some Immigrants from specific areas of the world can bring investments and business opportunities to Australia. Countries like Asia and China have bought many imported goods and services to our economy by migrating their Cars and Motorbikes into Australia. The ongoing r...
Exports—commodities: cotton 41.5%, gold 9.6%, energy products 9.6%, mineral fertilizers, ferrous metals, textiles, food products, and automobiles (1998 est.)
China’s economical strength comes from its international trades as the economy has grown to a rate of 10.3% in 2010. It has become the world’s largest exporter in the global economy. In the area of trade, three major strengths of China are 1) it is the single most important challenge for the European Union (EU) trade policy, 2) China is the second trade partner behind the U.S., and 3) it is the EU’s biggest source of imports by far with the dramatic increase in the EU-China trades over the recent years. The EU exports of goods to China were 113.1 billion Euros and in imports was 281.9 billion Euros in 2010. The service exports were 18 billion Euros and in imports were 13 billion Euros in 2009. China has also established trades with Australia. Recently, the two countries have been cooperating and assisting each other in industries such as agriculture, energy and minerals as they continue their free trade agreements (Jia Qinglin).