The paper "The Trade Performance in the Australian Beef Industry" is a great example of an assignment on macro and microeconomics. Since the trade was liberalized in the mid-1980s, international trade in Australia has experienced significant growth. Despite the distance, Australia has close trading partners such as Canada, China, and other South Asian countries. Australia has been considered a gateway to Asia which is one of the fastest-growing economies. Trade with Asian countries has been a major cause of robust growth. As the country becomes more engaged with the European Economic Community, it has directed a lot of effort towards Japan and Asia (Thorpe & Leitã o, 2014). At the moment, China is the main trading partner in Asia.
The trade between Australia and China has been expanding over recent decades. Agricultural products have been the main exports to China. This is due to the Chinese growing economy, high rate of urbanization, and increasing incomes. Following the Australian China free trade agreement (FTA) in 2005, there has been an enhanced trade between the two countries. China's main imports to Australia are labor-intensive products such as specialty foods.
Of late, China has increased its imports to include electronics among others. Since the trade between the two countries is not directly competitive, there has been cooperation between them especially in agriculture (Thorpe & Leitã o, 2014). 3. Explain the trade performance in the Australian Beef Industry. Almost 55% of the Australian farms are engaged in beef farming. The country average financial performance of the beef sector declined in 2012-13. The number of beef cattle in the northern area increased over the same period due to low slaughter turns off and reduced live export.
The northern Australian beef industry has been expanding and has been a major economic contributor (Martin, Phillips, Leith & Caboche, 2013). From 2009-10, the northern Australian industry contributed to over $5billion to the Australian economy (Gleeson, Martin & Mifsud, 2012).
Gleeson, T., Martin, P., & Mifsud, C. 2012, Northern Australian beef industry: assessment of risks and opportunities. In ABARES report to client prepared for the Northern Australia Ministerial Forum, Canberra.
Li, C., Wang, J., & Whalley, J 2014, China's Regional and Bilateral Trade Agreements (No. w19853), National Bureau of Economic Research.
Martin, P., Phillips, P., Leith, R & Caboche, T 2013, Australian Beef: Financial Performance of Beef Cattle Producing Farms, 2010-11 to 2012-13. ABARES.
Thorpe, M., & Leitão, N. C 2014, “Economic growth in Australia: globalisation, trade and foreign direct investment,” Global Business and Economics Review, Vol.16, no.1, p.75- 86.
Yahoo news 2014, China cattle imports boost NT confidence, Yahoo.com, Viewed 7th April 2015 from,https://au.finance.yahoo.com/news/china-cattle-imports-boost-nt- 115315625.html