Australian Global Trade Partners
There is no doubt that globalization has been impressive for both developed and developing nations anticipating trade internationally. The term globalization comprise of the key major terms that include economic, political and social. This paper focuses only on the economic aspect of globalization. Through computer technology, transportation and communication world has turned into global village whereby different business entities can trade with each other with ease. Multinational corporations can manufacture products in many different nations and sell them to customers on different parts of the globe. The purpose of this paper is to discuss what Australia trades in the global markets and whom does it trade with. However, before exploring Australian international trade, this paper finds it important to define globalization. Globalization is the process whereby businesses develops international influence or start carrying its activities within the international scope. Australian composition of trade indicates that businesses in Australia have expanded their trade, created more jobs as well contributing to the country’s economic growth. Australian composition of trade can be categorized into two classes that is goods and services for export as well as goods and services imported. The highly exported Australian goods and services includes natural gas, gold, educational related travel services, coal and iron ore and concentrates. On the other side, the top five Australian imported goods and services includes freight services, telecom equipment and parts, refined petroleum, passenger motor vehicle, personal travel services (Australian Department of Foerign Affairs and Trade, 2017). These exports and imports forms part of many other goods and services that forms the composition of the Australian trade.
Australian international trade is based on two perspectives that is two-way trade partners and one-way trade partners (Kimmorley, 2016). However, two-way trade partners are the major Australian business partners. Some of the top ten two-way Australian trade partners includes;
China: Australian major exports to China includes gold, core and iron ore.
Japan: Australia export beef, iron ore and beef to Japan.
The United States: Australia exports alcoholic beverages, spacecraft parts and aircraft and beef.
Korea: Australia exports crude petroleum, coal and iron ore.
Singapore: Australian major exports include refined petroleum, gold and crude petroleum.
New Zealand: Major exports include medicaments, passenger motor vehicles, computers accessories and parts.
United Kingdom: Major exports are coal, lead and gold.
Thailand: Australia exports aluminum, crude petroleum and gold.
Malaysia: Major exports are nickel, copper and crude petroleum.
Germany: The exports includes oleaginous fruits, oil-seeds, precious metal ores (except gold) legal tender coin and gold coin.
Apart from the above top ten listed Australian two way trade partners others omitted have been illustrated in the analysis of key trade partners for the period of five years as highlighted in the link below.
From the above analysis it clear that Australian major trading partners are two-way partners. Australia exports goods and services to those countries and in return I also imports goods and services from them. Further, the findings show that global influence among the Australian businesses is very high. This has positively contributed to county’s gross domestic product. Alternatively, it has made it easier for the Australian corporations to produce goods and services domestically and sell them to customers at the different parts of the globe.