Trade In Australia
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
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.
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.
Table of Contents
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
- grain
- liquefied natural gas
- meat
- wool
- coal
- iron
- diamonds
-
The US ($10.9 billion)
- China ($15.5 billion)
- Japan ($26.4 billion)
- The UK ($9.9 billion)
- South Korea ($9.9 billion)
-
Singapore
- The US
- Thailand
- China
- Japan
- Malaysia
- Mexico
Australia Trade: Imports
-
machinery
- crude oil
- petroleum products
- transport equipment
-
The US ($22.4 billion)
- Germany $7.7 billion
- China ($18.8 billion)
- Japan ($14.8 billion)
- Singapore ($10.2 billion)
-
Registration for import rights is a prerequisite.
- A permit from the Department of Transport and Regional Services (DTRS) is required.
- Custom clearance of all imports is a must.
- There are strict laws against the import of weapons, non-prescribed drugs, wildlife, domestic animals and any potential source of pestilence.
Australia Trade: Ports
-
Port of Eden
- Port of Yamba
- Cairns Harbor
- Port of Makay