Trade

Question 1

What are Australia’s Top 5 Imports?

Answer 1

1. Personal Travel
2. Crude Petrol
3. Cars
4. Refined Petrol
5. Freight Services.

Question 2

What are Australia’s Top 5 Exports?

Answer 2

1. Iron Ore
2. Coal
3. Education Related Travel
4. Natural Gas
5. Gold

Question 3

Who are Australia’s Top 10 Trading Partners?

Answer 3

1. China
2. Japan
3. USA
4. Korea
5. Singapore

Question 4

Define the Balance of Payments?

Answer 4

All financial transactions are recorded in Australia’s Balance of Payments. The BOP contains a useful summary of where citizens spend and receive their money.

Question 5

In the BOP, what is the Current Account made up of?

Answer 5

Net Goods
Net Services
Balance of G+S
Net Primary Income
Net Secondary Income

Question 6

Define Net Goods

Answer 6

= Exports - imports of goods (Used in Current account of BOP).

Question 7

Define Net Services

Answer 7

= Exports - imports of services (Used in Current account of BOP).

Question 8

Define Net Primary Income

Answer 8

Interest on foreign loans, dividends (Used in Current account of BOP).

Question 9

Define Net Secondary Income

Answer 9

Foreign Pensions, Aid Payments (Used in Current account of BOP).