Australia imports and exports – what you need to know- latest
Australia imports and exports – what you need to know
General information:
Australia imports and exports, what you need to know. The economy of Australia is a highly developed, mixed economy. In 2018 Australia became the country with the largest median wealth per adult. The current population of Australia is 25,671,898 people. Australia has no official language. However, English has been entrenched as the de facto national language since European settlement. The Australian dollar is the official currency. Australia uses three main time zones: Australian Western Standard Time (AWST; UTC:+08:00), Australian Central Standard Time (ACST; UTC+09:30), and Australian Eastern Standard Time (AEST; UTC:+10:00).
Australia imports and exports – what you need to know
Economic forecasts:
Economy by sector:
Agriculture -2,8%
Industry – 34,5%
Services – 62,7%
As with most world economies the Australian economy has contracted in a major way during the Covid19 pandemic, in 2020 -4% is the current estimate of the economic damage. However all international and domestic economic institutions are projecting growth for 2021. Australia has recorded relatively low levels of Covid19 compared to most other countries and this should facilitate a fast recovery.
Estimates of economic growth for Australia in 2021 vary from the Reserve Bank of Australia’s optimistic 5%, thorough Deliottes 4.4%, down to the lowest forecasts of 3.2%. Unemployment is expected to slowly rise due the scaling down of temporary lay off schemes.
Australia imports and exports – what you need to know
Exports and imports:
Australia main exports by category:
- Mineral fuels including oil
- Ores, slag, ash
- Gems, precious metals
- Meat
- Inorganic chemicals
- Machinery including computers
- Pharmaceuticals
- Electrical machinery, equipment
- Cereals
- Optical, technical, medical apparatus
Australia main imports by category:
- Machinery including computers
- Mineral fuels including oil
- Vehicles
- Electrical machinery, equipment
- Pharmaceuticals
- Optical, technical, medical apparatus
- Gems, precious metals
- Plastics, plastic articles
- Furniture, bedding, lighting, signs, prefab buildings
- Articles of iron or steel
Australia imports
Australia imports and exports – what you need to know
Trade information:
Australia’s major international trade partners are USA, Europe Union, China, Mexico, Japan.
Australia is a member of the APEC, G20, OECD, WTO and others
Total value of export – $ 470,2 billion
Total value of imports – $ 421,4 billion
Australia’s new trade minister Dan Tehan has stated that Australia’s priority in international trade is to negotiate new deals with both the European Union and the United Kingdom. If both agreements can be finalised then Australian exporters will have access to over 500 million new consumers. It is hoped that both deals can be completed before the end of 2021 and will lead to virtual free trade.
Negotiations with the United Kingdom have now reach the stage of a mutual recognition agreement (MRA) whereby Australian goods destined for the UK can be tested for UK quality standards in Australia and vice versa.
Relations between Australia and China have worsened during the Covid19 pandemic and this has led to China placing tariffs on some Australian exports. China also has a new trade minister in Wang Wentao, so it is hoped that this can lead to a fresh start and better relations between Australia and China.
A full list of Australia’s international trade deal can be found here on the government website: https://www.dfat.gov.au/trade/agreements/trade-agreements
Australia imports and exports – what you need to know
Business development:
Ease of doing business ranking – 14th in the world
International dialing code – +61
Main business domain – .au
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Australia imports and exports – what you need to know
