AUS - Pattern of Trade

Question 1

Who are Australia’s main exporter and importer?

Answer 1

China.

Question 2

What is Australia’s rank in the global export market?

Answer 2

23rd - (1.5 %) of world exports.

Question 3

What is trade intensity?

Answer 3

Measures an economy’s integration with the world economy. A higher trade intensity means an economy is more susceptible to external shocks in the world economy.
TI = (X + M/GDP] x 100. (Australia 2018 = 45%)
The sum of X/M as a percentage of the GDP.

Question 4

What is Australia’s main X/M?

Answer 4

X - Iron ore, tourism, coal.

M - Petrol, cars, oil, computer tech (phones).