Trade In Australia

By: EconomyWatch   Date: 30 June 2010

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Free market economy is what governs most of the trade in Australia. So, prices of goods are determined by the forces of demand and supply. There is minimal intervention from the government in regulating the trade market. Despite the dominance of the service sector, which accounted for about 70% of the country’s GDP in 2005, the role of trade in Australia cannot be undermined.

 

Australia Trade: Market Share

Trade in Australia accounted for 1% of the total world trade in 2006-2007, with its two-way trade in goods and services touching $443.6 billion. In December 2008, Australia recorded its fifth consecutive trade surplus of $589 million. A trade surplus of $6.2 billion was recorded in the first six months of the financial year 2008-2009.

In February 2009, Australia’s trade minister Simon Crean expressed appreciation about the nation’s appreciable trade performance, despite the onset of global recession. In this context, he pointed out that the International Monetary Fund has predicted a contraction in the country’s economy in 2009 as six (out of its ten major trading partners) were in recession.

 

Australia Trade: Exports

The Australian trade flourishes on the export of:

  • wheat
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  • grain
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  • liquefied natural gas
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  • meat
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  • wool
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  • coal
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  • iron
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  • diamonds
Some of the country’s key export markets spanning 2005-2006 are:
  • The US ($10.9 billion)
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  • China ($15.5 billion)
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  • Japan ($26.4 billion)
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  • The UK ($9.9 billion)
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  • South Korea ($9.9 billion)
Australia’s thriving exports can be attributed to its free trade agreements with several countries:
  • Singapore
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  • The US
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  • Thailand
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  • China
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  • Japan
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  • Malaysia
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  • Mexico

 

Australia Trade: Imports

Australian trade has its share of imports too. Australia imports:
  • machinery
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  • crude oil
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  • petroleum products
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  • transport equipment
Australia’s imports from:
  • The US ($22.4 billion)
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  • Germany $7.7 billion
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  • China ($18.8 billion)
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  • Japan ($14.8 billion)
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  • Singapore ($10.2 billion)
To import in Australia, stay aware about the following:
  • Registration for import rights is a prerequisite.
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  • A permit from the Department of Transport and Regional Services (DTRS) is required.
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  • Custom clearance of all imports is a must.
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  • There are strict laws against the import of weapons, non-prescribed drugs, wildlife, domestic animals and any potential source of pestilence.

 

Australia Trade: Ports

Some of the ports critical to the trade in Australia are:
  • Port of Eden
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  • Port of Yamba
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  • Cairns Harbor
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  • Port of Makay
The country’s natural resources are a boon to Australia’s export performance, which depend on agriculture and mining.

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