Australia's Pattern of Trade

Question 1

How has the Australian economy changed since the 1980s?

Answer 1

since the 1980s, the Australian economy has become more exposed to trade

• the total value of trade has increased from 30-40% of the output of the economy
• merchandise trade accounts for about 80% of all trade
• focus of Australia’s trade has shifted away from Europe to the Western Pacific and East Asian regions

Question 2

What are the major trends in Australia’s exports?

Answer 2

• a dramamtic decline in rural exports
• a significant increase in resource (mineral & fuels) exports
• a relative decline in manufacturing & services

Question 3

What are ETMs and STMs?

Answer 3

ETMs - elaborately transformed manufactured exports, consists of more highly processed manufactures i.e. machinery and transport equipment
STMs - simply transformed manufactured exports, consists of relatively unprocessed goods, i.e. steel, chromium and other metals

Question 4

What are Australia’s main exports?

Answer 4

1. iron ore
2. coal
3. natural gas
4. education
5. personal travel

Question 5

What are Australia’s main imports?

Answer 5

1. personal travel
2. crude petroleum
3. refined petroleum
4. passenger cars
5. freight services

Question 6

What are Australia’s main export partners?

Answer 6

1. China
2. Japan
3. Republic of Korea
4. United States
5. New Zealand

Question 7

What are Australia’s main import partners?

Answer 7

1. China
2. US
3. Japan
4. Singapore
5. Germany