Trade |
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BTN: China ConnectionClick on the button to the right to access the BTN and then answer the questions and complete the close passage in the pdf.
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Trading Partners |
Originally Australia's main trading partner was Britain. As the early settlement grew, so did trade. Australia began trading with other countries such as India, Indonesia and China. Today, Australia trades with countries from all over the globe. Our main trading partners are Japan, United States, South Korea, New Zealand, United Kingdom, China, India and Singapore. New Zealand and Japan have become our trading partners because we live in the same region, whilst the United Kingdom's trading history with Australia dates back to the days of early settlement.
Trade with Japan With a very large population (nearly 130 million people), a skilled workforce and a huge manufacturing industry, Japan is a very big export country. Unfortunately though, Japan has very few natural resources (such as coal and metals). Japan needs these things in order to produce steel, which is a large part of Japan's production. Australia has a very large supply of coal and iron ore, the very things that Japan happens to need for their manufacturing. As Australia is physically quite close to Japan, we are able to export coal and iron ore quite easily. In return, Australia imports many of Japan's manufactured products such as motor vehicles (Toyota, Suzuki, Mazda, Nissan, Honda ) and electrical appliances (toasters, stereos, computers). Trade with the United Kingdom Britain was once Australia's main trade partner. After Federation, Britain maintained control of Australia's trading policies, and any products exported to Britain were free of any taxes. This all began to change after World War II, as Britain began trading more with the closer European countries and Australia began to trade more with countries such as Japan and the United States. Australia's main exports to the United Kingdom are alcoholic beverages, gold and coal. Our main imports from the UK are medicines, magazines and books and motor vehicles. At present, the UK accounts for only 0.7%, a very small amount, of Australia's exports. Trade with the United States In 2005, Australia signed what is known as a Free Trade Agreement with the United States. This means it will be cheaper and easier for a lot of Australian exporters to sell products to the United States, increasing their sales. This is a very important agreement, as it is the first time it has happened with a developed country since 1989 (when USA signed an agreement with Canada). The agreement is very important for Australia's global trade, as the United States is the world's largest buyer of goods and services, with a population of nearly 300 million people. Australia's main exports to the US are wheat, lamb, beef, dairy products and ores. The main things we import from the US are manufactured goods, aircraft and aircraft parts, motor vehicles and agricultural products. Trade with South Korea South Korea has become an important industrial country over the last few decades. It is Australia's fourth largest trading partner and third largest export market (after Japan and US). It produces motor vehicles (Kia, Hyundai, Daewoo), appliances, mobile phones and machinery. Australia imports a great deal of these things. Although industry is a huge part of the South Korean economy, they do not have the supply of metals and raw materials that are needed to manufacture these products. South Korea imports a lot of these, including coal, from Australia, along with a large amount of farm produce. These are some of Australia's main global trade partners, linking Australia internationally through the buying and selling (or import and export) of goods and services. In the chapter on Imports and Exports, we will look at this area in greater detail. Questions 1. Briefly explain Australia’s trading history with the United Kingdom. 2. Why is Australia’s Free Trade Agreement with the United States important for Australia? 3. Use an ipad or laptop to find any information on Australia's other global trade partners? |
Imports & Exports |
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