Essay on International Trade Performance of Australia

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This Essay has been prepared to understand the International Trade Performance of Australia. The aim of this essay is making a clear picture of Australia’s contribution in the International market place discussing Australia’s trade policy, Exports and import magnitudes of Australia, the major Trading Partners of Australia in the international trade, their Annual Trade Balance indicating the reasons behind it and future movement of Australia’s international trade. Australia's Trade policy aims to create jobs by increasing the sustainable rate of economic growth. Its central task is to secure the best possible conditions and opportunities, especially better market access, for Australian firms and industries trading and investing overseas. The challenges of globalization - the increased opportunities overseas and the increased competition from overseas have made our foreign trade and investment efforts central to the well-being of all Australians. Responding to the challenges, Australians are increasingly to be found doing business overseas and in more diverse places and products than ever before [Trade Outcomes and Objectives Statement 1997, p- 1 – on line]. Australian trade policy progressed with some Australian Governments targeted trade policy objectives like as- a.To raise continually Australia's international competitiveness, b.To secure better market access for Australian goods, services and investment overseas, c.To develop markets and promote Australian business and exports overseas, d.To promote Australia as a destination for inward foreign investment (including as a destination for regional corporate headquarters), e.To develop markets and promote Australian business and exports overseas. [Trade Outcomes and Objectives Statement 1997, p-17-18] Australia is a stable with their skilled workforce with a strong competitive economy. The economic position of Australia has the most outstanding of the world in recent years. A higher growth, low inflation and lower interest rate economy is more vibrant than before. Australia has the open and innovative economies with a strong

growth over the past decade which has become possible because of lower inflation, interest rates and effective and efficient productivity performance [Australia today – on line].The Australian Government’s trade policy is pragmatic and flexible which emphasizes on the changing circumstances The Australian Government’s intention is changing their trade policy with the changing needs of Australia.[Trade Outcomes and Objectives Statement 1997, p- 1 – on line] The Australian Government has implemented an integrated trade policy with the goal of creating new and more open market for exports. In maintaining the trade policy the Australian Government maintains three key trade avenues namely- •Multilateral trade achieved through the World Trade Organization (WTO); •Regional trade achieved through Asia Pacific Economic Cooperation (APEC) and other regional trade links; and •Bilateral trade achieved via free trade agreements and individual country sector negotiations on market access.[Australia’s trade policy – on line] The international economic and trade outlook of Australia’s exports and imports is positive since a long period of time. Analyzing the Exports composition of Australia is required for verifying this truth. The graph 4.4 of Trade Outcomes and Objectives Statement 1997 represents Australia’s direction of exports and investment from 1975 to 1996.A copy of the graph 4.4 directly taken from Trade Outcomes and Objectives Statement 1997, p-23 attached in the appendix named as Direction of Australia’s exports available- The graph shows the international outlook and the expected continuation of strong growth in East Asia [Trade Outcomes and Objectives Statement 1997, p- 23 – on line]. Export is a potent factor for economic growth of any country and the Government of Australia has taken several steps supporting their exporters....
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