Export And Import Information During Last Year

Free trade is the unrestricted purchase and sale of goods and services between countries without the imposition of protection such as tariffs and quotas. This enables economies to focus on their core competitive advantage(s), thereby maximizing economic output and fostering income growth for their citizens. Australian exports rose from $66.6 billion in 1990-91 to $300.4 billion in 2012-13, with an average growth in export volumes of 4.6 per cent per annum since 1990-91. This is reflective of Australia’s proactive actions to phase out protection since the 1970s. The major effects of domestic and global free trade and protection policies

This report will show an overview of the current state of the Australian economy and its management by the Federal government through examining economic indicators such as economic growth (GDP), unemployment, inflation and trade.

The general standard for measuring the overall size of the nation's economic activity is the value of gross domestic product (GDP). One of the components of GDP is a measure of the value of exports and imports of goods and services. The hitch is that GDP includes a large component of non-tradable that does not or cannot enter into international trade flows to any significant degree-for example, most buildings and structures, and personal and government services. Consequently, even though internationally traded items such as financial services and travel and transportation services are included in GDP, when we compare the size of the foreign sector with the size of the domestic economy, we end up comparing apples with apples and pomegranates. As a result, comparing exports or imports of goods and services to GDP may understate the importance of international trade to relevant sectors of the domestic economy

The figure obviously had not return to pre-crisis level. Moreover, recent commodity prices had fallen significantly which will affect Australia’s short and long term economy.

Australia and China are two countries located in the southern and northern hemispheres respectively. They are both very important and major international exporters across the globe. Australian exports reached an all time high of A$29,970 million in February of 2014, this is a gain of A$120 million from the previous year. Australia’s natural resources are one of its main exports as Australia is so rich in its natural resources such as bauxite, coal, copper, tin, gold, iron ore, silver, uranium, tungsten, nickel, lead, zinc, diamonds, mineral sands, natural gas and petroleum.

Australia has a long history of large and persistent current account deficits. During the 1960s the current account deficit averaged the equivalent of 2 per cent of gross domestic product. The CAD rose considerably, due to the floating of the Australian dollar and the opening of the capital account in 1980s, and by 1990s CAD has sustained around an average of about 4.5 per cent of GDP. However, in recent years the deficit has been falling and in 2011 it was just 2.25 per cent.

The impact of globalisation has also changed the structure of Australia 's trade. There has been considerable growth in manufacturing and service industries with limited growth in the rural sector (Table 2). This reflects a combination of changes in world demand and domestic structural reforms.

With a GDP of over $1 trillion USD, the Australian economy is among the largest in the world (Cornett and Saunders, 2014). Australia is trading partners with the United States, China, and Japan, but their economic ties are mainly centered in the Pacific Rim. Exports are crucial to the country’s GDP and this has created problems regarding sustainability in the Australian economy.

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

There are three major economic factors that have combined contribution to FMG’s growth over the past 5 years, including the strong AUD , the amazing export feature due to the Chinese boom which drives up the commodity price and the interest rate decision by RBA. Australia dollar has appeared strong for the past 5 years and maintained at $6-$6.8 level for AUD/CNY at most time. It promised a high level of foreign income for Australia exporter. In 2009, China demanded almost 60% of the world’s iron ore to produce 47% of world’s steel production. It contributes the most to the price rocket from $31.78 to $180.6 US cents/mts in 5 years time. In addition, Australia borrowing cost remains high over the past few years which may alter the finance decisions of FMG.

Since 2012, Australia has maintained a mostly negative trade balance, perhaps amid uncertainty of its currency against the US dollar, but more likely is its economic growth is causing it to import more and more petroleum products which it’s exports of its own natural resources is not able to match.

International trade has a significant effect on the Gross Domestic Product. The GDP is the true market worth of officially recognized goods or services produced in a country. Think about this for a moment – if you were to go into a department store and found two shirts that were identical in color, material and stitch but one was priced ten dollars higher than the other. Which one would you choose? Easily you would pick the cheaper product and that is the issue American consumer’s face each day.

In March 2015, Greg Jericho published an article called Weak, weak growth and six things about the state of Australia’s economy that outlined how in the past 6 out of 10 quarters the Australian

The level of a country’s imports measures its participation and competitiveness in the international market. As such, it is important to identify economic indicators that affect the level of imports. Economic theory rarely presents imports as a response variable. It appears very frequently, however, as a predictor in formulas that model a multitude of variables,

Goods and services are relative with the international transaction representing from the current account balance of changed in the exports and imports. Through the stronger domestic demand, imports of 16% growth have increased since 2009; subsequently import of goods grew with an average of 13.4% over 2010 to 2012. The goods account excess to RM102.7 billion for the year 2013, but still decline of RM22.9 billion from RM 125.6 billion of 2012’s record. Meanwhile, there is the lower exports balance from RM703.1 billion of 2012 to RM690.9 billion this year and higher imports balance from RM577.5 billion of 2012 to RM588.2 billion this year.