Australia's Trade
Australia has several ties with other countries. These ties are established in several ways, one of which is through trade. The nature of trade includes exporting and importing goods and services which form trade links with partner countries. Trade comes with its advantages and disadvantages. Australia also takes part in multilateral agreements, such as APEC, to be able to strengthen trade links.
International trade is the exchange of goods and services between nations. Goods meaning tangible objects like clothes, food and such, while services are non-tangible items like tourism and education. Australia imports and exports a variety of goods and services. Australia’s leading exports in 2009 were Coal, Iron & or and education, while Australia’s top imports in 2009 were Crude Petroleum, refined petroleum and passenger motor vehicle. Australia’s top 3 import partners are China, United States of America and Japan, while Australia’s top 3 export partners are China, Japan and India. In two-way trading, Australia’s top partners are China, Japan and the United States of America.
International trade has several advantages. One of its advantages is the money the Australian government earns through exports, boosting the country’s economy. In 2009, Australia’s two-way trade totalled $506.8 billion, $249.9 billion of which were earned from Australia’s exports. Another advantage would be the job that it creates in the industry. International trade is responsible for more than 2 Million or 1 in 5 jobs in Australia. A third advantage that trade brings would be the relationship that it establishes and strengthens with other countries. Trade strengthens the ties with top trade partners like China, Japan, the United States and Republic of Korea. And another advantage of trade is the improvisation of the Market Access for Australian goods and services. Australia’s goods and services are shipped to over 200 countries daily.
Although trade has its advantages, it also has its
International trade is the exchange of goods and services between nations. Goods meaning tangible objects like clothes, food and such, while services are non-tangible items like tourism and education. Australia imports and exports a variety of goods and services. Australia’s leading exports in 2009 were Coal, Iron & or and education, while Australia’s top imports in 2009 were Crude Petroleum, refined petroleum and passenger motor vehicle. Australia’s top 3 import partners are China, United States of America and Japan, while Australia’s top 3 export partners are China, Japan and India. In two-way trading, Australia’s top partners are China, Japan and the United States of America.
International trade has several advantages. One of its advantages is the money the Australian government earns through exports, boosting the country’s economy. In 2009, Australia’s two-way trade totalled $506.8 billion, $249.9 billion of which were earned from Australia’s exports. Another advantage would be the job that it creates in the industry. International trade is responsible for more than 2 Million or 1 in 5 jobs in Australia. A third advantage that trade brings would be the relationship that it establishes and strengthens with other countries. Trade strengthens the ties with top trade partners like China, Japan, the United States and Republic of Korea. And another advantage of trade is the improvisation of the Market Access for Australian goods and services. Australia’s goods and services are shipped to over 200 countries daily.
Although trade has its advantages, it also has its