Essays on Improving Australia Export and Import Case Study

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The paper "Improving Australia Export and Import " is a good example of a macro & microeconomics case study.   In 2013-2014, the value of exports in Australia increased by 9.5% to $31.2billion. The country realized this growth in all the major export sectors. The export volumes increased by 5.8%, with the minerals and fuels sector registering impressive growth. Iron ore and core formed the bulk of export volumes. Other top exports included natural gas, education-related travel services, and personal travel services. China was the largest trading partner during this period as it accounted for 23.9% of all trade.

Other major trading partners were the US and Japan. The terms of trade during this period fell by 3.7%. Import prices increased by 7.5% while exports rose by 3.5%. The main top imports are personal travel services, crude petroleum, refined petroleum, passenger motor vehicles, and freight services. Personal travel is a major import service. The main destinations for short-term departures during this period were New Zealand and Indonesia. However, travel to the US contributed the most value (DFAT 2014). The US is the largest exporter in the world for commercial services.

It is the second-largest exporter in the world for merchandise. In 2013, the US exceeded the average for advanced economies. The total trade was responsible for 30% of the country’ s economy. The exports amounted to $2.3trillion. This was an increase of 2.9% from 2012. It realized a drop in imports and it was able to improve the trade balance by $61.2billion. It exported 70% of goods and 30% of services while the imports were 83% and 17% for goods and services respectively.

The main merchandise exports were transportation and equipment, computer and electronic products, chemicals, machinery, and petroleum and coal products. The main merchandise imports were computer and electronic products, transportation equipment, oil and gas, chemicals, and machinery. Travel and intellectual property use were the main service exports (Han and Soroka 2014).

References

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ATSE 2015, Advancing industry competitiveness in Australia, Australian Academy of Technological Sciences and Engineering, viewed 5 January 2016,

Bell, J, Frater B, & Butterfield L, 2014, The role of science, research and technology in lifting Australian productivity, viewed 5 January 2016,

Business Council of Australia 2008, Improving international competitiveness in Australian business, viewed 5 January 2016,

Business Council of Australia, 2014, Building Australia’s Comparative Advantage, viewed 5 January 2016,

DFAT 2014, Composition of Trade Australia 2013-14, Australian Government Department of Foreign Affairs and Trade, viewed 5 January 2016,

Enright, M, & Petty, R 2013, Australia’s competitiveness: from lucky country to competitive country, John Wiley & Sons Australia

Han, S & Soroka, N 2014, U.S. trade overview, 2013-14, viewed 5 January 2016,

Lydon, J, Dyer D, & Bradley C 2014, Compete to prosper: improving Australia’s global competitiveness, McKinsey Australia, viewed 5 January 2016,

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