anniversary composition of trade Australia

Size: px
Start display at page:

Download "anniversary 1963-64 2013-14 composition of trade Australia 2013-14"

Transcription

1 th anniversary composition of trade Australia

2

3 Composition of Trade Australia Economic Diplomacy, Trade Advocacy & Statistics Section Department of Foreign Affairs & Trade December 2014

4 ISSN (Print) ISSN (Online) ISBN (Book) ISBN (PDF format) With the eception of the Commonwealth Coat of Arms and where otherwise noted, this report is licenced under a Creative Commons Attribution 3.0 Australia licence You are free to reuse, modify, remi and distribute this material. The entire publication may be included as an appendi in your work for reference if you wish. Under the terms of the licence, you are required to attribute DFAT material in the manner specified (but not in any way that suggests that DFAT endorses you or your use of the work). DFAT material used as supplied Provided you have not modified/remied the material in this publication in any way it may be reused provided the following attribution is given: Source: DFAT publication Composition of Trade Australia Derivative material If you have modified/remied the material in this publication, or derived new material from it in any way, the following attribution must be used: Based on the DFAT publication Composition of Trade Australia Use of the Coat of Arms The terms under which the Coat of Arms can be used are detailed on the It s an Honour website The Department of Foreign Affairs and Trade (DFAT) has taken great care to ensure the information contained in this publication is as correct and accurate as possible. However, DFAT does not guarantee, and accepts no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency or completeness of any material contained in the publication. DFAT recommends that users eercise their own skill and care with respect to their use of the material contained in the publication and that users carefully evaluate the accuracy, currency, completeness and relevance of the material for their purposes. Unless otherwise specified, all amounts are in Australian dollars.

5 A WORLD OF TRADE DATA AT YOUR FINGERTIPS UP TO DATE TRADE STATISTICS SERVICES TAILORED TO YOUR NEEDS FROM AUSTRALIA S PREMIER SOURCE In so many industries, knowledge is the key to success. And it s the quality of that information that s paramount. Now you can access Australian trade statistics gathered and held by Australia s leading epert in the field, the Department of Foreign Affairs and Trade (DFAT). Better still, this information can be customised and prepared to suit your specific needs. The Economic Diplomacy, Trade Advocacy & Statistics Section (EDS) provides statistics used in research, including measures such as detailed classifications of eports and imports. EDS s data holdings include a substantial amount of economic and social information about Australia and the rest of the world. Trade data is available in any of the following combinations. Trade time series DFAT has created a range of time series products to complement its statistical trade publications. These products include: i) Trade statistical pivot tables: Australia's eports and imports by all countries and selected country groups by SITC at the 3-digit level; and Australia's eports and imports by all countries and selected country groups by DFAT's TRIEC at the 1-, 2-, 3- and 4-digit levels. These two pivot tables are published on a calendar and financial year basis. ii) iii) Australia s direction of goods and services trade: Time series spreadsheets covering Australia s trade in goods and services (eports, imports & two-way trade). Data on goods, services and goods and services is published for 34 of Australia s major trading partners, as well as data by broad geographic groups and selected country groups. The spreadsheets are published on a calendar year basis (back to 1987) and a financial year basis (back to ). Historical trade and economic data: As part of a forthcoming product, Australia s Trade Though Time (ATTT), two new spreadsheets are now available on the DFAT website. The first spreadsheet, Australia s trade and economic indicators, contains time series data for a range of trade and economic indicators back to 1901 (and for total merchandise trade back to 1826). The second time series spreadsheet, Australia s direction of trade, contains time series data for around 60 of Australia s major merchandise trading partners back to 1901 (and in some cases to 1885).

6 Market information service EDS provides accurate and timely, high-level statistical support for research and analysis. The consultancy service also draws on international sources to compile the most comprehensive coverage available, so you can have a world of trade information individually prepared to your requirements and delivered quickly, accurately and at a very competitive price. Reports can be tailor-made according to requirements by country and by commodity monthly, quarterly and for calendar or financial years. EDS prepares general profiles of economic and social indicators for Australia s trading partners country economic factsheets (180 countries currently available). For more information about our services statssection@dfat.gov.au or visit the website or for free fact sheets. Interactive website Eplore Australia s Trade at a Glance interactive website which complements the annual Trade at a Glance publication, allowing users to investigate Australia s trade profile. It brings together information from a range of DFAT publications in the one location for the first time. It includes data on Australia s trade by state and territory, top trading partners, Australia s trade with APEC and the G20 and more. Trade statistical publications Each year EDS produces a range of publications containing detailed information on all aspects of Australia s trade in goods and services and investment with the rest of the world. These are available as accessible PDFs at Releases in the series include:

7 - v - Contents Table No. Page.. Minister s foreword... i.. Introduction..... Key points Fifty years of Australia s trade Australia s trade highlights Australia s composition of trade Australia s direction of trade Australia s merchandise trade by level of processing Commodity forecasts Feature articles:.. Changes to ABS merchandise eport statistics and its impact on partner country aggregates Australia s imports of aircraft & parts - update for Low value threshold goods Graphs: Australia s merchandise trade with major trading partners AUSTRALIA S TRADE ON A BALANCE OF PAYMENTS BASIS Section 1 Australia s trade in goods and services 1 Australia s trade, balance of payments basis Australia s trade in goods and services, current price Australia s trade in goods and services, chain volume measures Australia s top 25 goods and services eports Australia s top 25 goods and services imports Section 2 Direction of Australia s trade in goods and services 6 Australia s rank in world goods and services eports and imports Australia s trade in goods and services by top 15 partners Australia s trade in goods and services by selected countries and regions Australia s eports of goods and services by selected countries and regions Australia s imports of goods and services by selected countries and regions Section 3 Australia s trade in services 11 Australia s eports of services, by type of activity Graphs: Australia s eports and imports of services Australia s imports of services, by type of activity Australia s services trade by top 10 partners, Australia s services trade by selected countries and regions Australia s eports of services by selected countries and regions Australia s imports of services by selected countries and regions AUSTRALIA S MERCHANDISE TRADE ON A RECORDED TRADE BASIS Section 4 Australia s merchandise trade by level of processing 17 Australia's merchandise trade by broad category, total eports and imports Australia's merchandise eports by broad category, Australian produced eports Australia's total merchandise eports by broad level of processing Australia's total merchandise imports by broad level of processing Australian produced eports by broad level of processing Australia's total merchandise eports by level of processing Australia's total merchandise imports by level of processing Australian produced eports by level of processing continued

8 - vi - Contents (cont d) Table No. Section 5 Australia s merchandise commodity ranking Page 25 Australia's major merchandise eports rank, value and growth Australia's major merchandise imports rank, value and growth Section 6 Direction of Australia s merchandise trade ranking tables 27 Australia's merchandise trade by country, Australia's merchandise eport markets Australia's merchandise import sources Australia's merchandise trade by country and regional groups Australia's merchandise eports by country and regional groups Australia's merchandise imports by country and regional groups Section 7 Australia s major merchandise trading partners, top 20 eports and imports Country tables 33 Australia s merchandise trade with Belgium Australia s merchandise trade with Canada Australia s merchandise trade with China Australia s merchandise trade with France Australia s merchandise trade with Germany Australia s merchandise trade with Hong Kong (SAR of China) Australia s merchandise trade with India Australia s merchandise trade with Indonesia Australia s merchandise trade with Italy Australia s merchandise trade with Japan Australia s merchandise trade with Malaysia Australia s merchandise trade with Netherlands Australia s merchandise trade with New Zealand Australia s merchandise trade with Papua New Guinea Australia s merchandise trade with Philippines Australia s merchandise trade with the Republic of Korea Australia s merchandise trade with Singapore Australia s merchandise trade with Spain Australia s merchandise trade with Switzerland Australia s merchandise trade with Taiwan Australia s merchandise trade with Thailand Australia s merchandise trade with the United Arab Emirates Australia s merchandise trade with the United Kingdom Australia s merchandise trade with the United States Australia s merchandise trade with Vietnam Country group tables 58 Australia s merchandise trade with Africa Australia s merchandise trade with the Americas Australia s merchandise trade with APEC Australia s merchandise trade with ASEAN Australia s merchandise trade with Asia Australia s merchandise trade with Europe Australia s merchandise trade with the European Union Australia s merchandise trade with Oceania & Antarctica Australia s merchandise trade with the OECD Australia s merchandise trade with All countries

9 - vii - Contents (cont d) Technical appendices Page Appendi A Eplanatory notes Appendi B Composition of regions & country groups Appendi C Abbreviations and symbols used in all DFAT trade statistical publications Appendi D Confidential eports in the SITC Appendi E ABS trade commodities classified to TRIEC 3041 confidential trade Appendi F Goods and services rankings Appendi G DFAT adjustments to ABS official trade data Appendi H TRIEC classification

10 - viii -

11 - i - Minister s foreword Welcome to this very special edition of Composition of Trade Australia, marking 50 years of DFAT s flagship trade statistical publication. First published to record trade flows in the financial year, the publication went biennial (with both financial year and calendar year editions) in Today Composition of Trade has become the go-to document for trade and economic practitioners and students alike. The international trade of goods and services is a powerful driver of Australia s economy. Together with investment, trade stimulates economic activity, builds new industries, creates jobs and boosts growth. Australia s two-way trade in reached $669.2 billion, growing 7.3 per cent from (equivalent to 42.3 per cent of Australia s GDP). In the 50 years since , Australia s eports of goods and services has grown from $3.2 billion to $331.2 billion, representing an annual average growth of 10.5 per cent, or 5.5 per cent in volume terms. During this time, the direction and composition of Australia s trade has evolved amidst the contet of a changing economic and political climate, both here and abroad. In the 1960s, the majority of Australia s trade was with Europe. Since then however, our markets have shifted geographically, with Asia now accounting for over 60 per cent of our two-way goods and services trade. As Australia s eport markets have changed, so too have the commodities we sell; where Australia once relied heavily on rural eports like wool and wheat we ve since diversified into other areas such as manufacturing and service provision, with resource and energy commodities now dominating. It has been an eciting time for trade in Australia following the conclusion of transformational Free Trade Agreements with three of our key North Asian trading partners. These Agreements with Korea, Japan and China provide businesses across the country with preferential access to a market of almost 1.5 billion people, opening up a world of opportunity in the years ahead. And there s more to come; I am committed to boosting and diversifying our trade and investment relationships with all of our key economic partners. Underpinning the government s ambitious trade policy are sound economic statistics, and it is a testament to the efforts of generations of DFAT statisticians that this publication has been produced for half a century, providing us with a valuable tool for national policy making, and giving us a unique insight into the history of Australia s trade with the world. Andrew Robb Minister for Trade and Investment

12 - - Introduction Composition of Trade, Australia (COT) concentrates on the major trends in Australia s trade statistics, looking at both trends in goods and services (on a balance of payments basis) and merchandise trade (on a recorded trade basis), including trade data by DFAT s own trade classification - Trade Import Eport Classification (TRIEC) and the United Nations Standard International Trade Classification (SITC). The publication is divided into two major segments: Australia s trade on a balance of payments basis Sections 1, 2 & 3 Section 1 provides summary data on Australia s goods and services showing current price values, chain volume measures, movements in eport and import prices and the terms of trade. Section 2 shows the direction of Australia s trade in goods and services to selected countries and regions, including Australia s rank in world goods and services eports and imports. Section 3 presents Australia s composition of services trade by type of activity and the direction of services trade to selected countries and regions. Australia s merchandise trade on a recorded trade basis Sections 4 to 7 Section 4 details Australia's merchandise trade by broad category and level of processing, including data on Australian produced eports. Section 5 provides commodity rankings for Australia s major merchandise eports and imports by rank, value and growth. Section 6 shows the direction of Australia s merchandise trade by country by rank and selected regional groups. Section 7 gives a detailed commodity breakdown of Australia s top 25 trading partners by the top 20 merchandise eports and imports as well as by selected regions and economies (e.g. APEC, Europe). This publication is designed to be used in conjunction with DFAT s time series trade data products available on the DFAT website in Microsoft Ecel format. These products include more detailed trade data by all countries and longer time series. The website contains the following products. Three MS Ecel time series spreadsheets covering o o o Australia s trade in goods and services with selected countries and country groups Australia s trade and economic indicators historical data Australia s direction of merchandise trade historical data Two MS Ecel Pivot tables o o Australia's merchandise eports and imports by all countries and selected country groups by SITC at the 3-digit level and Australia's merchandise eports and imports by all countries and selected country groups by DFAT's TRIEC at the 1-, 2-, 3- and 4-digit levels.

13 - 1 - Key points The value of Australia s eports of goods and services rose 9.5 per cent to $331.2 billion in All major eport sectors recorded growth in , including Rural goods, Mineral & fuels, Manufactures and Services. Australia s eport volumes rose 5.8 per cent in , with volumes of Minerals and fuels up by 10.7 per cent in , almost double the rate over the past 10 years. The increase in eport volumes shows the resources boom transitioning from the investment phase to the production phase as projects developed over recent years begin operation. In , higher volumes of Iron ore and Coal were the principal drivers of eport growth. In , Natural gas eports became Australia s 3 rd largest eport (valued at $16.3 billion), behind Iron ore (valued at $74.7 billion) and Coal (valued at $40.0 billion). In , China remained Australia's top trading partner, with two-way trade valued at $159.7 billion, accounting for 23.9 per cent of Australia s total trade. Japan ($72.2 billion) and the United States ($58.2 billion) accounted for 10.8 per cent and 8.7 per cent of Australia s total trade respectively. Other key points include: o o o o o Other personal travel services (ecluding education) - which includes short term visitors ependiture in Australia mainly for recreational purposes - up 10.5 per cent to $13.9 billion, Gold down 13.3 per cent to $13.3 billion, Beef up 27.1 per cent to $6.4 billion, Copper up 19.7 per cent to $3.7 billion, and Financial services up 30.6 per cent to $2.8 billion. Eports of Education-related travel services (which includes foreign student ependiture on tuition fees and living epenses in Australia) rose 8.2 per cent to $15.7 billon. Australia's imports of goods and services rose 5.3 per cent in , with rises in Consumption goods, Intermediate & other goods and Services partly offset by falls in Capital goods and Nonmonetary gold. Australia's terms of trade fell 3.7 per cent in Eport prices rose 3.5 per cent and import prices up 7.5 per cent. Tourism industry eports 1 rose 4.1 per cent to $27.2 billion. 1 Based on the ABS Tourism Satellite Account (TSA) measure. The TSA defines tourism consumption to include all travellers who stay in the host economy for less than one year, regardless of their purpose for travel (such as business, education, health and recreational purposes). Refer to the Technical appendies for more details.

14 - 2 - Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes in the composition of Australia s trade from the inaugural edition to today. It eplores the overall trends and growth of import and eport trade, the shifts in the countries we trade with and the commodities we trade. Australia s Composition of Trade publication When the first Composition of Trade was released by the Department of Trade and Industry in 1964, trade constituted 28.7 per cent of Australia s Gross Domestic Product (GDP) with two-way goods and services trade at $6.1 billion 2. Trade now constitutes 42.3 per cent of GDP and two-way trade has increased to $669.2 billion 3. The first Composition of Trade publication was a 21 page, single sided booklet with basic content, covering merchandise trade and direction of trade for eports. Today, the Department of Foreign Affairs and Trade publishes a suite of products and time series data on a financial year and calendar year basis. The data published includes: Australia s two-way goods and services trade by commodity; breakdowns by country and country groups; Australia s rank in world trade; commodity forecasts and more. The data can be found on the Trade and economic statistics page on the DFAT website ( Financial year Pattern of Trade Part 2 Composition of Trade Financial year Composition of Trade Overall eport trends In the fifty years from to , Australia s eports of goods and services grew from $3.2 billion to $331.2 billion in value terms, representing an annual average growth of 10.5 per cent (5.5 per cent in volume terms). Through the 1960s, eport growth was driven by the post war commodities boom and a reduction of trade barriers following four post-war General Agreement on Tariffs and Trade 4 negotiating rounds. Eport growth averaged 7.6 per cent per annum in value terms (6.4 per cent in volume terms). In the 1970s, eport growth was particularly strong in value terms (averaging 16.6 per cent per annum) due to high global inflation brought on, in part, by the 1973 oil crisis. At the same time, competition in Australia s traditional eport markets (as the United Kingdom increased trade ties with Europe) slowed volume growth to an average of 4.3 per cent per annum. 2 In prices (Australian pounds have been converted to dollars at 1:2 ratio). 3 In prices. 4 General Agreement on Tariffs and Trade members became the founders of the World Trade Organization in 1995.

15 - 3 - A$b Chart 1: Australia's goods & services eports to Deregulation of the Aust. economy Post war boom Values Volumes Based on ABS Balance of Payments and International Investment Position, September A$b Chart 2: Australia's goods & services eports to Global financial crisis Olympics / AUD depreciation Resources commodity boom Values Volumes Based on ABS Balance of Payments and International Investment Position, September Economic deregulation during the 1980s and 1990s opened Australia s economy to the world and combined with new investment and global demand, contributed to strong eport growth that continued over the net two decades. Growth through the period averaged 9.8 per cent per annum in value terms and volume growth recovered to 7.1 per cent per annum. Eport growth spiked in the early 2000s due to depreciation of the Australian dollar and the 2000 Sydney Olympic Games. From increased commodity prices with the resource commodity boom resulted in average annual value growth of 8.1 per cent in the ten years since (3.4 per cent in volume terms), a strong growth rate even through the global financial crisis. The direction of merchandise eports In , the United Kingdom was Australia s largest merchandise eport destination 5. At the time however, the United Kingdom was enhancing their trade relationships with their neighbours in Europe (having joined the European Free Trade Association in 1960), whilst Australia was enhancing ties with Asia. In , Japan became our leading merchandise eport destination and remained so until overtaken by China in By , Asia accounted for 83.0 per cent of Australia s merchandise eports, up from just 32.8 per cent in (see Chart 3). 5 Services trade by country is not available prior to

16 - 4 - Chart 3: Direction of merchandise eports by country/region Other (incl. Africa) 8.1% Oceania & Antarctica 8.7% Other Europe 12.4% United Kingdom 23.5% United States 12.9% Other Asia 2.7% Other Americas 1.6% China 7.7% Japan 22.4% Other Europe 4.1% United Kingdom 1.4% Other Asia 28.3% Oceania & Antarctica 4.1% Other (incl. Africa) 2.4% Japan 18.0% United States 3.9% Other Americas 1.2% China 36.7% Based on ABS Overseas Trade, Based on ABS trade data on DFAT STARS database and unpublished ABS data. The composition of eports Chart 4: Australian eports by sector * 42.4% 16.9% 19.6% 5.1% 16.0% % 25.9% 21.4% 10.3% 21.2% % 50.1% 12.7% 7.9% 17.4% Rural Minerals & Fuels Manufactures Other goods (incl gold) Services * Earliest period for which sector data is available. Based on ABS Balance of Payments and International Investment Position, September The commodities Australia eports have also changed significantly. In and through to the early 1980s, rural commodities such as Wool and Wheat dominated Australian eports (see Table 1). The shift toward mineral and fuel eports began in the 1970s and was driven by Iron ore and Coal. Services eports increased in significance in the late 1980s. Personal travel became a major eport with short term visitor arrivals into Australia increasing from around 137,000 in to over 2.5 million in The growing contribution of both resources and services created a diverse composition of eports from the late 1980s to the early 2000s (see Chart 4), reducing Australia s reliance on rural eports. 6 DFAT estimates.

17 - 5 - Table 1: Australia's top 5 eports of goods and services (a) and comparison A$m % share A$m % share Total (b) 2,786 Total (b) 331,184 Wool Iron ores & concentrates 74, Wheat Coal 39, Transport services (c) Natural gas 16, Beef and veal Education-related travel services (d) 15, Sugar, raw Personal travel (ecl education) services 13, (a) Goods trade are on a recorded trade basis, Services trade are on a balance of payments basis. (b) Balance of payments basis. (c) Transport services eports includes freight, passenger and other transport services. (d) Includes student ependiture on tuition fees and living epenses. Based on ABS Overseas Trade, and ABS Balance of Payments and International Investment Position, September The past decade s eport success has been led by minerals and fuels. Eport values of minerals and fuels have grown at an average rate of 16.3 per cent per annum over the past ten years, more than double the rate of eports overall. From 23.7 per cent ten years ago, minerals and fuels now makes up 50.1 per cent of our total eports, more than rural eports did in the 1960s. The change in sectoral share is apparent when comparing the top five eport commodities in with (see Table 1). Iron ore and Coal are currently Australia s top two eport commodities and drivers of eport growth. Iron ore and Coal s share of goods and services eports rose from 11.1 per cent to 34.7 per cent over the past decade and Australia is now the world s largest eporter of iron ore (accounting for around 48 per cent of world eports 7 ) and metallurgical coal. Eports of Natural gas have also grown significantly in the past decade. Australia has become the world s third largest Liquefied natural gas eporter, with over 90 per cent eported to Japan in A forthcoming DFAT article on Australia s Liquefied Natural Gas (LNG) eports to and beyond will provide further analysis of LNG eports. The position of Education-related and Personal travel services as the fourth and fifth largest eport commodities signifies the rising importance of services eports in the Australian economy. They also demonstrate the increased diversity of eports from the services sector compared to , when transport services dominated. In 2013, over 410,000 international students studied in Australia 8, and 6.4 million foreigners visited Australia (compared to around 12,000 and 125,000 respectively in 1963). Overall import trends In the fifty years from to , Australia s imports of goods and services grew from $2.9 billion to $338.0 billion in value terms, representing an annual average growth of 10.5 per cent (6.1 per cent in volume terms). In Australian imports, like eports, were still benefiting from the post-war global trade epansion. 1960s import growth averaged 8.1 per cent per annum in value terms (with volume growth averaging 7.3 per cent). Import growth started off slowly in the 1970s, before Australia cut tariffs by 25 per cent in resulting in an upward shift of volumes. At the same time, increasing oil prices resulted in rapid growth in value terms which lasted almost a decade. Between and import growth averaged 18.8 per cent per annum in value terms. In the early 1980s, falling oil prices and contracting economic growth in the industrialised world, including Australia, slowed import growth until when economic reforms (including further reduction of import tariffs and quota protection) restored growth. Between and imports grew an average of 12.9 per cent per annum in value terms (7.5 per cent in volume terms). 7 In 2013, in value terms. Source: UN Comtrade database. 8 Source: Australian Education International, Research Snapshot International student numbers 2013, April 2014.

18 - 6 - A$b Chart 5: Australia's goods & services imports to Import tariff reduction Economic recession Deregulation of the Aust. economy Global commodity boom Value Volume Based on ABS Balance of Payments and International Investment Position, September A$b Chart 6: Australia's goods & services imports to Peak gold prices Deregulation of the Aust. economy Global financial crisis Values Volumes Based on ABS Balance of Payments and International Investment Position, September Imports grew steadily from the 1990s until the early 2000s, averaging 7.7 per cent annual growth in value terms (7.2 per cent in volume terms) between and Australia s strong economic conditions from led to high import growth at an average annual rate of 11.4 per cent in value terms (10.8 per cent in volumes) until the global financial crisis took effect in Over the past five years, import growth has averaged 4.7 per cent per annum in value terms (6.0 per cent in volume terms). The direction of merchandise imports Over the past fifty years, the dominant source of Australia s merchandise imports 9 has transitioned from Europe and North America to Asia. The United Kingdom was the main merchandise import source in and remained so until when overtaken by the United States. Aside from three years in the mid-1980s, when replaced by Japan, the United States remained Australia s number one source of merchandise imports for almost forty years and is still our largest source of services imports today. Since our largest merchandise import source has been China. Merchandise imports from China increased significantly from the mid 2000 s onward and consist predominately of manufactures such as clothing, telecommunications equipment and computers. 9 Services trade by country is not available prior to

19 - 7 - Chart 7: Direction of merchandise imports by country/region Oceania & Antarctica 3.1% Other Europe 15.6% United Kingdom 27.8% Other (incl. Africa) 4.5% United States 22.9% Other Americas 4.5% China 0.7% Japan 6.8% Other Asia 14.0% Other Europe 18.0% United Kingdom 2.5% Oceania & Antarctica 4.7% Other (incl. Africa) 3.9% Other Asia 29.6% United States 11.1% Other Americas 3.0% Japan 7.3% China 19.9% Based on ABS Overseas Trade, Based on ABS trade data on DFAT STARS database and unpublished ABS data. The composition of imports The import of Capital and Intermediate goods has been critical for Australian development over the past fifty years. In Capital and Intermediate goods accounted for over 50 per cent of Australia s total imports. With lower tariffs and Australia s integration with the world economy, the share of Consumption goods has increased, now accounting for around 25 per cent of total imports. By sourcing Consumption goods 10 from countries with cheaper manufacturing sectors, the price Australian s pay for Consumption goods has decreased significantly. The price of audio, visual and computing equipment for eample, has fallen over 55 per cent in the past five years (to June 2014) alone 11. Overall, the composition of imports has remained relatively stable compared to the composition of eports (see Table 2). The top three imports of ; transport services, motor vehicles and petroleum are all top five imports in Table 2: Australia's top 5 imports of goods and services (a) and comparison A$m % share A$m % share Total (b) 3,054 Total (b) 338,035 Transport services (c) Personal travel (ecl education) services 25, Motor vehicles, parts & accessories Crude petroleum 21, Petroleum and shale oils Refined petroleum 19, Motive power machinery (d) Passenger motor vehicles 17, Cotton piece-goods (e) Freight services 9, (a) Goods trade are on a recorded trade basis, Services trade are on a balance of payments basis. (b) Balance of payments basis. (c) Transport services imports includes freight, passenger and other transport services. (d) Includes tractors, engines and parts and other motive machinery. (e) Ecludes apparel. Based on ABS Overseas Trade, and ABS Balance of Payments and International Investment Position, September As defined by the UN Broad Economic Category Classification. Includes consumer goods, goods intended for household consumption and non-industrial transport equipment (mainly passenger motor vehicles). 11 Adjusted for changes in qualty. That is, the movement in price takes into account quality adjustments of the product.

20 - 8 - The fourth largest import in , motive power machinery, consisted mainly of tractors and parts. The demand for agricultural machinery has declined as Australia s economy has shifted from the agriculture industry to services and mining. Imports of cotton piece-goods have largely been replaced with imports of finished cotton products such as clothing imports from China. Arguably the most dramatic change to the composition of imports is the rise of Personal travel services (ecluding education), reflecting the ever increasing propensity of Australians to travel abroad. Personal travel has been Australia s largest import since with short-term departures by Australians increasing from around 123,000 in to 5.1 million in and to 9 million in In , the main destinations for short-term departures were New Zealand and Indonesia whilst travel to the United States contributed the most in value terms. Conclusion Over the past fifty years, the direction and composition of Australia s trade has evolved, responding to shifts in Australia s economy and the global economic climate. In the 1960s, the majority of Australia s trade took place with Europe and North America. Both our eport market and import source has now shifted geographically towards Asia. Asia now accounts for over 60 per cent of Australia s two-way goods and services trade. As Australia s eport markets have shifted, so too have the commodities we eport. At the beginning of the fifty year period, rural commodities dominated Australia s eports. After a period during which the four major eport sectors shared a roughly even split of the eport market, the minerals and fuels sector now dominates. One thing has remained constant though: trade remains a critical contributor to Australia s economic prosperity. Author: Danielle Anderson Economic Advocacy & Analysis Branch statssection@dfat.gov.au This article has also benefited from comments and input from Frank Bingham, Economic Advocacy & Analysis Branch DFAT website: Trade and economic statistics: 12 DFAT estimate.

21 - 9 - Australia s trade highlights Australia s total trade in goods and services A$b A$b Eports Imports Based on ABS catalogues and The value of total trade in goods and services increased 7.3 per cent to $669.2 billion. In volume terms, total trade increased 1.7 per cent in compared with since , total trade values have increased by an average of 4.4 per cent per annum while volumes increased 5.2 per cent per annum. The trade balance recorded a trade deficit of $6.9 billion in , a fall of $11.9 billion on the deficit of $18.7 billion in Australia s eports of goods and services % change The value of eports increased 9.5 per cent to $331.2 billion since eport values have increased by an average of 4.0 per cent per annum. Eport volumes increased 5.8 per cent eport volumes have risen by an average rate of 4.4 per cent per annum since Values Based on ABS catalogues and Volumes Values Based on ABS catalogues and Australia s imports of goods and services % change The value of imports increased 5.3 per cent 20 to $338.0 billion Volumes since , import values have increased by an average of 4.7 per cent per annum. Import volumes decreased 2.1 per cent however, import volumes have risen by 6.0 per cent per annum since Balance of payments basis.

22 Terms of trade Inde Inde Australia s terms of trade 2 fell 3.7 per cent = =100 in this was the result of eport prices which rose 3.5 per cent being more than offset by stronger import prices which increased 7.5 per cent Since , eport prices have fallen by an average rate of 0.4 per cent per annum, while import prices have fallen by 1.2 per cent per annum Based on ABS catalogues and Table A: Australia's eports of goods and services (a) Values Volumes (b) Change in Growth Growth prices $m $m % $m $m % % Total goods & services eports 302, , , , Rural 36,273 39, ,273 36, Minerals & fuels 144, , , , Manufactures 39,553 42, ,554 40, Other goods 28,612 26, ,612 27, Services 53,487 57, ,487 55, (a) Balance of payments basis. (b) Chain volume measures - reference year Based on ABS catalogue The terms of trade are calculated as the ratio of the prices we receive for our eports to the prices we pay for our imports.

23 Australia s composition of trade 3 Australia s eports of rural goods % change Total Meat Cereals Wool Other rural Value Volume Based on ABS catalogues and Eports of Rural goods increased 9.7 per cent to $39.8 billion in (refer to Table A) in volume terms, Rural goods increased 1.8 per cent and prices received rose 7.7 per cent. The largest increases for Rural goods were recorded for Meat & meat preparations and Other rural goods, with both rising by $2.2 billion and $1.2 billion respectively in Australia s eports of minerals and fuels % change Total Metal ores Coal Other mineral fuels Value Volume Based on ABS catalogues and Eports of Mineral and fuels increased 14.8 per cent to $165.9 billion in in volume terms, Mineral and fuels increased 10.7 per cent and prices received rose 3.7 per cent. Eport of Metals ores & minerals rose 22.0 per cent to $96.6 billion (mainly due to Iron ore eports), while Coal rose 3.2 per cent to $40.2 billion and Other mineral fuels increased 10.5 per cent to $29.2 billion. Australia s eports of manufactures % change Total Metals Machinery Transport equip. Value Volume Based on ABS catalogues and Other manuf. Eports of Manufactures increased 6.4 per cent to $42.1 billion in in volume terms, Manufactures increased 1.3 per cent and prices received rose 5.0 per cent. Eports of Metals (ecl. gold) rose 6.3 per cent to $11.1 billion; Machinery rose 4.4 per cent to $9.1 billion; Transport equipment increased 17.0 per cent to $5.1 billion and Other manufactures rose 4.6 per cent to $16.8 billion. 3 Balance of payments basis.

24 Australia s eports of other goods % change Total Gold Other goods nes Eports of Other goods decreased 8.9 per cent to $26.1 billion in in volume terms, Other goods decreased 5.3 per cent and prices received fell 3.9 per cent. Within Other goods, eports of Nonmonetary gold fell 13.0 per cent to $14.1 billion in Value Volume Based on ABS catalogues and Australia s eports of selected services % change The value of Services increased 7.3 per cent to $57.4 billion in volume terms, Services increased 4.5 per cent and prices received rose 2.6 per cent Total Transport Travel Other Eports of Transport services rose 5.9 per cent to $6.4 billion, Travel services rose 7.5 per cent to $33.7 billion and Other services 4 rose 7.1 per cent to $17.1 billion. Value Volume Based on ABS catalogues and Australia s principal goods & services eports Iron ores & concentrates Coal Natural gas Education-related travel services Personal travel (ecl education) services Gold Crude petroleum Beef f.c.f Wheat Aluminium ores & conc (incl alumina) Based on ABS trade data on the DFAT STARS database and ABS catalogue ,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 A$ million 4 Other services consist of services such as: Construction; Insurance & pension; Financial; Intellectual property charges; Telecommunications, computer & information; Other business services; Personal, cultural & recreational; and Government services. It ecludes Manufacturing services on physical inputs owned by others and Maintenance & repair services nie.

25 Australia s imports of goods % change Total Consump. Capital Interm. & other Value Volume Based on ABS catalogues and Gold Imports of Consumption goods increased 8.5 per cent to $81.5 billion in (up 2.4 per cent in volume terms). Imports of Capital goods decreased 0.5 per cent to $64.7 billion in (down 7.3 per cent in volume terms). Imports of Intermediate & other goods increased 7.9 per cent to $116.9 billion in (up 0.1 per cent in volume terms). Imports of Non-monetary gold decreased 18.5 per cent to $4.2 billion in (down 10.3 per cent in volume terms). Australia s imports of selected services % change 10 Imports of Services increased 4.8 per cent to $70.8 billion in Total Transport Travel Other in volume terms, Services decreased 4.9 per cent while prices received rose 10.2 per cent. Imports of Transport services rose 1.0 per cent to $17.0 billion, Travel services rose 7.1 per cent to $30.0 billion and Other services 5 rose 4.1 per cent to $23.0 billion. Value Volume Based on ABS catalogues and Australia s principal goods & services imports Personal travel (ecl education) services Crude petroleum Refined petroleum Passenger motor vehicles Freight services Telecom equipment & parts Medicaments (incl veterinary) Computers Passenger transport services Goods vehicles Based on ABS trade data on the DFAT STARS database and ABS catalogue ,000 10,000 15,000 20,000 25,000 30,000 A$ million 5 Other services consist of services such as: Construction; Insurance & pension; Financial; Intellectual property charges; Telecommunications, computer & information; Other business services; Personal, cultural & recreational; and Government services. It ecludes Manufacturing services on physical inputs owned by others and Maintenance & repair services nie.

26 Australia s direction of trade 6 China was Australia s largest individual two-way goods and services trading partner in , accounting for 23.9 per cent ($159.7 billion) of total trade. Japan was the second largest trading partner accounting for 10.8 per cent ($72.2 billion) followed by the United States, accounting for 8.7 per cent ($58.2 billion). APEC members accounted for 72.6 per cent of Australia s total trade while the members of the European Union accounted for 12.5 per cent. In eports to: APEC members increased 14.0 per cent; ASEAN members rose 10.1 per cent; members of the European Union decreased 10.1 per cent; G20 members rose 11.0 per cent and OECD countries increased 3.5 per cent. Imports from: APEC members increased 7.3 per cent; ASEAN members increased 5.9 per cent; members of the European Union increased 8.0 per cent; G20 members rose 8.5 per cent and OECD countries increased 6.3 per cent. Major goods and services eport markets A$b China was Australia s largest eport market, accounting for 32.5 per cent ($107.6 billion) of total eports in increasing 27.0 per cent. Japan was Australia s second largest eport market ($51.0 billion) increasing 4.8 per cent. the Republic of Korea was Australia s third largest market ($22.5 billion) increasing 8.1 per cent. 0 China Japan Republic of Korea United States New Singapore Zealand Based on ABS trade data on the DFAT STARS database, ABS catalogue and unpublished ABS data. Major goods and services import sources A$b China was Australia s largest import source, accounting for 15.4 per cent ($52.1 billion) of total imports in increasing 12.4 per cent The United States was Australia s second largest import source ($41.2 billion) increasing 2.9 per cent Japan was Australia s third largest import source ($21.1 billion) increasing 2.1 per cent. 0 China United States Japan Singapore Germany Thailand Based on ABS trade data on the DFAT STARS database, ABS catalogue and unpublished ABS data. 6 Goods on a recorded trade basis and services on a balance of payments basis.

27 Australia s merchandise trade by level of processing 7 Eports In , eports of Unprocessed primary products increased 13.3 per cent to $164.2 billion and Processed primary products increased 12.9 per cent to $46.7 billion. Eports of Manufactures rose 5.9 per cent to $42.1 billion, with Simply transformed manufactures (STM) eports rising 9.0 per cent to $13.7 billion and Elaborately transformed manufactures (ETM) eports rising 4.4 per cent to $28.3 billion. Other goods (mainly Gold and confidential trade items) eports decreased 5.1 per cent to $20.0 billion. Merchandise eports by level of processing: and Unprocessed primary STM Processed primary (ecl nickel) ETM Other goods (incl gold) % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Based on ABS trade data on the DFAT STARS database. Imports In , imports of Unprocessed primary products rose 1.0 per cent to $25.9 billion and Processed primary products increased 16.5 per cent to $35.0 billion. Imports of Manufactures rose 5.3 per cent to $179.7 billion, with STM imports rising 5.4 per cent to $14.9 billion and ETM imports rising 5.3 per cent to $164.9 billion. Other goods (mainly Gold and Confidential items of trade) increased 11.4 per cent to $11.0 billion. Merchandise imports by level of processing: and Unprocessed Processed primary primary STM ETM Other goods (incl gold) % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Based on ABS trade data on the DFAT STARS database. 7 Goods on a recorded trade basis.

28 Commodity forecasts The Australian Bureau of Agricultural & Resource Economics & Sciences (ABARES) and the Bureau of Resources & Energy Economics (BREE) have forecast the value of Australia s commodity eports to rise by 10.8 per cent in See Table B for more details. Table B: Forecasts for major commodity eports to to $m $m $m % % Forecast Forecast Agricultural & fisheries (a) Wheat 6,776 6,103 5, Wine 1,867 1,847 1, Beef & veal 4,871 6,265 6, Wool (b) 2,869 2,877 2, Total agricultural & fisheries eports 39,192 42,383 38, Resources & energy (c) Metalliferous minerals & metals Aluminium 9,000 9,474 nya Bauite (d) nya Alumina 5,342 5,658 nya Aluminium (ingot metal) 3,276 3,288 nya Copper 8,044 8,672 nya Gold 15,056 13,171 nya Iron ores 57,075 74,138 nya Nickel (d) 3,642 3,024 nya Zinc 2,193 2,487 nya Energy Crude petroleum 12,503 13,587 nya LNG 13,741 16,131 nya Coal 38,604 39,335 nya Metallurgical 22,434 22,934 nya Thermal 16,169 16,402 nya Total resources & energy eports 176, ,103 nya Total commodity eports (b) (d) 215, ,453 nya (a) Based on ABARES commodity groups for farm, forest & fisheries products. (b) Balance of payments basis. (c) Based on BREE commodity groups for resources and energy. (d) BREE estimates. Sources: ABARES Agricultural commodities, December quarter 2014 and BREE Resources & Energy, June quarter 2014.

Fifty years of Australia s trade

Fifty years of Australia s trade Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes

More information

Composition of Trade Australia

Composition of Trade Australia composition of trade Australia 2014 Composition of Trade Australia 2014 Economic Diplomacy, Trade Advocacy & Statistics Section Department of Foreign Affairs & Trade August 2015 ISSN 1320-7547 (Print)

More information

ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013

ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013 Page 1 of 14 ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013 SUMMARY Provisional merchandise trade data for the June 2013 month was released in July. The June 2013 data provides us with our

More information

AUSTRALIA S EXPORTS OF EDUCATION SERVICES 1

AUSTRALIA S EXPORTS OF EDUCATION SERVICES 1 AUSTRALIA S EXPORTS OF EDUCATION SERVICES 1 Introduction Australia s education services exports have continued to grow in importance this decade. Since 1982, education services exports have grown at an

More information

International Investment. Australia. Economic Diplomacy, Trade Advocacy and Statistics Section Department of Foreign Affairs and Trade September 2015

International Investment. Australia. Economic Diplomacy, Trade Advocacy and Statistics Section Department of Foreign Affairs and Trade September 2015 International Investment Australia 214 International Investment Australia 214 Economic Diplomacy, Trade Advocacy and Statistics Section Department of Foreign Affairs and Trade September 215 ISSN 223-6571

More information

Trends in Australia s Exports 1

Trends in Australia s Exports 1 April 2 Trends in Australia s Exports 1 The reduction of trade barriers, and cheaper transportation and communication costs have contributed to Australia becoming more open and more closely integrated

More information

Factors affecting the inbound tourism sector. - the impact and implications of the Australian dollar

Factors affecting the inbound tourism sector. - the impact and implications of the Australian dollar Factors affecting the inbound tourism sector - the impact and implications of the Australian dollar 1 Factors affecting the inbound tourism sector - the impact and implications of the Australian dollar

More information

Chart 1: Zambia's Major Trading Partners (Exports + Imports) Q4 2008 - Q4 2009. Switzernd RSA Congo DR China UAE Kuwait UK Zimbabwe India Egypt Other

Chart 1: Zambia's Major Trading Partners (Exports + Imports) Q4 2008 - Q4 2009. Switzernd RSA Congo DR China UAE Kuwait UK Zimbabwe India Egypt Other Bank of Zambia us $ Million 1. INTRODUCTION This report shows Zambia s direction of merchandise trade for the fourth quarter of 2009 compared with the corresponding quarter in 2008. Revised 1 statistics,

More information

Australia s Liquefied Natural Gas (LNG) exports, 2003-04 to 2013-14 and beyond

Australia s Liquefied Natural Gas (LNG) exports, 2003-04 to 2013-14 and beyond s Liquefied Natural Gas (LNG) exports, 23-4 to 213-14 and beyond LNG has been an increasingly important export for in the last decade 1. In 23-4, exported $2.2 billion worth of LNG (representing 1.5 per

More information

Australia s position in global and bilateral foreign direct investment

Australia s position in global and bilateral foreign direct investment Australia s position in global and bilateral foreign direct investment At the end of 213, Australia was the destination for US$592 billion of global inwards foreign direct investment (FDI), representing

More information

Economic Change in India

Economic Change in India Adam Cagliarini and Mark Baker* India has become an increasingly important part of the global economic landscape over the past decade. Its economy has become more open to international trade, its workforce

More information

Economic. The EU-Australia. relationship

Economic. The EU-Australia. relationship Economic The EU-Australia relationship Over the past 5 years, the EU and Australia have seen consistent growth in bilateral trade and investment. The EU is Australia s second-largest trading partner in

More information

U.S. Trade Overview, 2013

U.S. Trade Overview, 2013 U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the

More information

Table 1: Resource Exports Per cent of total nominal exports; selected years

Table 1: Resource Exports Per cent of total nominal exports; selected years Australia and the Global market for Bulk Commodities Introduction The share of Australia s export earnings derived from bulk commodities coking coal, thermal coal and iron ore has increased over recent

More information

AN AUGMENTED TRADE-WEIGHTED INDEX OF THE AUSTRALIAN DOLLAR 1

AN AUGMENTED TRADE-WEIGHTED INDEX OF THE AUSTRALIAN DOLLAR 1 AN AUGMENTED TRADE-WEIGHTED INDEX OF THE AUSTRALIAN DOLLAR 1 Introduction Trade-weighted exchange rate indices provide a guide to a country s exchange rate against the currencies of its trading partners,

More information

II. Merchandise trade

II. Merchandise trade II. Merchandise trade Merchandise trade increased by 5 per cent in volume in 211. The strongest momentum was achieved by trade in manufactured goods, which grew by.5 per cent. Key developments in 211:

More information

Main trends in industry in 2014 and thoughts on future developments. (April 2015)

Main trends in industry in 2014 and thoughts on future developments. (April 2015) Main trends in industry in 2014 and thoughts on future developments (April 2015) Development of the industrial sector in 2014 After two years of recession, industrial production returned to growth in 2014.

More information

Consumer Credit Worldwide at year end 2012

Consumer Credit Worldwide at year end 2012 Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international

More information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports grew by 2 per cent in value terms in 2013 while exports of commercial services increased by per cent. Key developments in 2013: a snapshot Trade data

More information

II. Merchandise trade

II. Merchandise trade II. Merchandise trade World merchandise trade grew by 2 per cent in volume terms in 2012 against a backdrop of weak global demand and declining prices. This is significantly less than the 5 per cent increase

More information

EXPORT-IMPORT BANK OF INDIA: Catalysing India s Trade and Investment. July 01, 2015

EXPORT-IMPORT BANK OF INDIA: Catalysing India s Trade and Investment. July 01, 2015 EXPORT-IMPORT BANK OF INDIA: Catalysing India s Trade and Investment July 01, 2015 INDIAN ECONOMY SNAPSHOT PARAMETER FY 2010 FY 2013 FY 2014 FY 2015 GDP (current prices, US$ bn) 1365.4 1835.8 1875.9 2050.6

More information

PORT OF NEWCASTLE 2014 ANNUAL TRADE REPORT

PORT OF NEWCASTLE 2014 ANNUAL TRADE REPORT PORT OF NEWCASTLE 2014 ANNUAL TRADE REPORT OUR VISION Port of Newcastle s vision is to maintain Newcastle s position as one of the leading and most efficient global scale coal export ports, and facilitate

More information

Recent trends of dynamically growing and developing life insurance markets in Asia

Recent trends of dynamically growing and developing life insurance markets in Asia Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign

More information

Analysis of Australia s Education exports

Analysis of Australia s Education exports - 1 - Analysis of Australia s Education exports Australia s exports of Education services are an important part of Australia s services exports to the world, accounting for around 36 per cent of total

More information

Appendix SM1: Sources of Modal Data and Calculation of Modal Shares

Appendix SM1: Sources of Modal Data and Calculation of Modal Shares Online Appendix for Trade and the Greenhouse Gas Emissions from International Freight Transport, Cristea Anca, David Hummels, Laura Puzzello and Avetisyan Misak: Supplementary Materials The supplementary

More information

Overseas Trade Indexes (Prices and Volumes): June 2015 quarter

Overseas Trade Indexes (Prices and Volumes): June 2015 quarter Overseas Trade Indexes (Prices and Volumes): June 2015 quarter Embargoed until 10:45am 01 September 2015 Key facts The following movements occurred in the June 2015 quarter, compared with the March 2015

More information

India s Services Exports

India s Services Exports Markus Hyvonen and Hao Wang* Exports of services are an important source of demand for the Indian economy and account for a larger share of output than in most major economies. The importance of India

More information

Chapter Two. Australia-Japan Trade and Investment Links

Chapter Two. Australia-Japan Trade and Investment Links Chapter Two Australia-Japan Trade and Investment Links 2.1 Overview of bilateral trade and investment relationship Australia and Japan enjoy one of the most significant economic partnerships in the East

More information

List of tables. I. World Trade Developments

List of tables. I. World Trade Developments List of tables I. World Trade Developments 1. Overview Table I.1 Growth in the volume of world merchandise exports and production, 2010-2014 39 Table I.2 Growth in the volume of world merchandise trade

More information

Australia s inbound tourism statistics

Australia s inbound tourism statistics What is inbound tourism? Scope of inbound tourism: Short-term visitor arrivals are defined as overseas visitors who intend to stay in Australia for less than 12 months Statistics relate to the number of

More information

Assessing China s Merchandise Trade Data Using Mirror Statistics

Assessing China s Merchandise Trade Data Using Mirror Statistics Assessing China s Merchandise Trade Data Using Mirror Statistics Iris Day* Given their timeliness, Chinese trade data have the potential to provide a useful early read on conditions in the Australian and

More information

Best Essay from a First Year Student

Best Essay from a First Year Student RBA ECONOMICS COMPETITION 2010 Appreciation of Australia s real exchange rate: causes and effects Best Essay from a First Year Student ASHVINI RAVIMOHAN The University of New South Wales Appreciation of

More information

Overseas Trade Indexes (Prices and Volumes): September 2015 quarter (provisional)

Overseas Trade Indexes (Prices and Volumes): September 2015 quarter (provisional) Overseas Trade Indexes (Prices and Volumes): September 2015 quarter (provisional) Embargoed until 10:45am 01 December 2015 Key facts The following movements occurred in the September 2015 quarter, compared

More information

World Manufacturing Production

World Manufacturing Production Quarterly Report World Manufacturing Production Statistics for Quarter IV, 2013 Statistics Unit www.unido.org/statistics Report on world manufacturing production, Quarter IV, 2013 UNIDO Statistics presents

More information

Internet address: http://www.bls.gov/fls USDL: 04-2343

Internet address: http://www.bls.gov/fls USDL: 04-2343 Internet address: http://www.bls.gov/fls USDL: 04-2343 Technical information: (202) 691-5654 For Release: 10:00 A.M. EST Media contact: (202) 691-5902 Thursday, November 18, 2004 INTERNATIONAL COMPARISONS

More information

U.S. Agriculture and International Trade

U.S. Agriculture and International Trade Curriculum Guide I. Goals and Objectives A. Understand the importance of exports and imports to agriculture and how risk management is affected. B. Understand factors causing exports to change. C. Understand

More information

Victorian electricity sales and peak demand forecasts to 2024-25 SUMMARY REPORT

Victorian electricity sales and peak demand forecasts to 2024-25 SUMMARY REPORT Victorian electricity sales and peak demand forecasts to 2024-25 SUMMARY REPORT Prepared by the National Institute of Economic and Industry Research (NIEIR) ABN: 72 006 234 626 416 Queens Parade, Clifton

More information

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis

More information

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around

More information

Tourism s. 1997 98 to 2011 12. Tourism s. Economy

Tourism s. 1997 98 to 2011 12. Tourism s. Economy Tourism s Contribution to the Australian Economy 1997 98 to 2011 12 Tourism s Contribution to the Australian Economy Authors: Jai Kookana and Tien Duc Pham ISBN 978-1-922106-91-9 (PDF) 978-1-922106-92-6

More information

WORLD ROBOTICS 2006 EXECUTIVE SUMMARY

WORLD ROBOTICS 2006 EXECUTIVE SUMMARY 2005 World Robot Market Total world-wide sales: 126,700 units, up 30% on 2004 EXECUTIVE SUMMARY World total stock of operational industrial robots: 923,000 units, 9% greater than 2004 World market surged

More information

The foreign exchange and derivatives markets in Hong Kong

The foreign exchange and derivatives markets in Hong Kong The foreign exchange and derivatives markets in Hong Kong by the Banking Supervision Department The results of the latest triennial global survey of turnover in the markets for foreign exchange (FX) and

More information

Tiger by the Tail? Canada's Trade with South Korea

Tiger by the Tail? Canada's Trade with South Korea Catalogue no. 65-507-MIE No. 001 ISSN: 1712-1345 ISBN: 0-662-38252-8 Analytical Paper Canadian trade review Tiger by the Tail? Canada's Trade with South Korea by Sandra Bohatyretz International Trade Division

More information

I. World trade developments

I. World trade developments I. World trade developments World merchandise exports stagnated in value terms in 2012 while exports of commercial services increased by 2 per cent. Key developments in 2012: a snapshot Trade data List

More information

Developments in the Trade-Weighted Index 1

Developments in the Trade-Weighted Index 1 Reserve Bank of Australia Bulletin October 22 Developments in the Trade-Weighted Index 1 Introduction This article provides some background on the history and methodology of the trade-weighted index (TWI)

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure

More information

1. International Economic Developments

1. International Economic Developments 1. International Economic Developments Overall growth in Australia s major trading partners (MTPs) was little changed in 1 at a bit below its decade average (Graph 1.1). The US and euro area economies

More information

TRADE DYNAMICS IN ZIMBABWE: 1980-2012

TRADE DYNAMICS IN ZIMBABWE: 1980-2012 TRADE DYNAMICS IN ZIMBABWE: 1980-2012 Talknice Saungweme Great Zimbabwe University Box 1235 Masvingo, Zimbabwe E-mail: talknice2009@gmail.com ABSTRACT Zimbabwe in 1980, when it became independent from

More information

2,000 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12. Source: ABS, Catalogue 7503.0 Value of Agricultural Commodities Produced, 2011-12

2,000 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12. Source: ABS, Catalogue 7503.0 Value of Agricultural Commodities Produced, 2011-12 1 Introduction Trade is becoming an increasingly important issue for the Australian vegetable industry as global trade in food products increases. The vegetable industry has undertaken research analysing

More information

ACCESS INNOVATION GROWTH Recent trends in spending by visitors to Thailand An analysis of Visa card spending in Thailand by international cardholders ACCESS INNOVATION GROWTH Welcome On behalf of Visa

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

education. In contrast, workers engaged in fishing worked an average of 61.7 hours per

education. In contrast, workers engaged in fishing worked an average of 61.7 hours per THAILAND 40,000 Fig. 1: Employment by Major Economic Activity ('000s), 2002-2008 Agriculture, Forestry, Agriculture, Forestry & 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2002 2004 2006 2008 Mining

More information

Statistical Bulletin. UK Trade, November 2015. Main points for November 2015. Coverage: UK Date: 08 January 2016 Geographical Area: UK Theme: Economy

Statistical Bulletin. UK Trade, November 2015. Main points for November 2015. Coverage: UK Date: 08 January 2016 Geographical Area: UK Theme: Economy Statistical Bulletin UK Trade, November 2015 Coverage: UK Date: 08 January 2016 Geographical Area: UK Theme: Economy Main points for November 2015 UK trade shows import and export activity and is a main

More information

I. World trade developments

I. World trade developments I. World trade developments The value of world merchandise exports increased by 20 per cent in 2011 while exports of commercial services grew by 11 per cent. Key developments in 2011: a snapshot Trade

More information

SACU MERCHANDISE TRADE STATISTICS 2010 (No 2) MERCHANDISE TRADE STATISTICS 2010

SACU MERCHANDISE TRADE STATISTICS 2010 (No 2) MERCHANDISE TRADE STATISTICS 2010 SACU MERCHANDISE TRADE STATISTICS 2010 (No 2) MERCHANDISE TRADE STATISTICS 2010 TABLE OF CONTENTS 1. WORLD TRADE AND SACU... 1 2. BOTSWANA... 2 3. LESOTHO... 7 4. NAMIBIA... 12 5. SOUTH AFRICA... 16 6.

More information

Tourism Western Australia. Fast Facts Year Ending September 2014

Tourism Western Australia. Fast Facts Year Ending September 2014 Tourism Western Australia Fast Facts Year Ending September 2014 Prepared by the Research Team December 2014 PLEASE NOTE Changes to National Visitor Survey Methodology Tourism Research Australia s (TRA)

More information

Trends in International Moving

Trends in International Moving 95 th ANNUAL CMSA CONVENTION MAY 2013 Trends in International Moving Terry Head, President International Association of Movers IAM Who are we? The largest international trade association and advocacy group

More information

China s Accession to the WTO and its Impact on the Asian Economy. C. H. Kwan Nomura Research Institute

China s Accession to the WTO and its Impact on the Asian Economy. C. H. Kwan Nomura Research Institute Introduction China s Accession to the WTO and its Impact on the Asian Economy C. H. Kwan Nomura Research Institute After fifteen years of tough negotiation, China is poised to join the World Trade Organization

More information

In 2012, GNP in constant prices increased by 1.8% compared with 2011.

In 2012, GNP in constant prices increased by 1.8% compared with 2011. 8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased

More information

How To Understand Current Account Balance In Armenia

How To Understand Current Account Balance In Armenia CURRENT ACCOUNT: THE REGIONAL DEVELOPMENTS AND TRENDS Prepared by Armenuhi Burnazyan and Arevik Aleksanyan In our project we tried to analyze Current Account (CA) balance trends for Armenia, Georgia and

More information

Travel & Tourism Sector Ranking Australia

Travel & Tourism Sector Ranking Australia Travel & Tourism Sector Ranking Australia Summary of Findings, November 2013 Introduction Sector Ranking Analysis In order to better understand the importance of the Travel & Tourism industry in a global

More information

Global Exhibition on Services

Global Exhibition on Services Ministry of Commerce & Industry Global Exhibition on Services Concept Note 1 GES Concept Note Global Exhibition on Services (GES) - Concept Note The Government of India, Ministry of Commerce and Industry

More information

International Labor Comparisons

International Labor Comparisons Charting International Labor Comparisons 2010 Edition U.S. Department of Labor Material contained in this document is in the public domain and may be reproduced, fully or partially, without permission

More information

Statistics Netherlands. Macroeconomic Imbalances Factsheet

Statistics Netherlands. Macroeconomic Imbalances Factsheet Macroeconomic Imbalances Factsheet Introduction Since the outbreak of the credit crunch crisis in 2008, and the subsequent European debt crisis, it has become clear that there are large macroeconomic imbalances

More information

Cross-border ecommerce

Cross-border ecommerce Cross-border ecommerce Opening doors for Victorian businesses around the world ecommerce into China 9 March 2016 Charles Thompson General Manager, International Australia Post StarTrack Group A changing

More information

The foreign-exchange and derivatives markets in Hong Kong

The foreign-exchange and derivatives markets in Hong Kong The foreign-exchange and derivatives markets in Hong Kong by the Banking Policy Department The results of the latest triennial global survey of turnover in the markets for foreign-exchange (FX) and over-the-counter

More information

Structural Change in the Australian Economy

Structural Change in the Australian Economy Structural Change in the Australian Economy Ellis Connolly and Christine Lewis* Over time, the structure of the Australian economy has gradually shifted away from agriculture and manufacturing towards

More information

Globalization and International Trade

Globalization and International Trade 12 Globalization and International Trade Globalization refers to the growing interdependence of countries resulting from the increasing integration of trade, finance, people, and ideas in one global marketplace.

More information

World Manufacturing Production

World Manufacturing Production Quarterly Report World Manufacturing Production Statistics for Quarter III, 2013 Statistics Unit www.unido.org/statistics Report on world manufacturing production, Quarter III, 2013 UNIDO Statistics presents

More information

Foreign Direct Investors Outlays to Acquire or Establish U.S. Businesses Rose in 2004

Foreign Direct Investors Outlays to Acquire or Establish U.S. Businesses Rose in 2004 EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY JUNE 1, 2005 Thomas Anderson: (202) 606-9879 BEA 05-23 Foreign Direct Investors Outlays to Acquire or Establish U.S. Businesses Rose in 2004 In 2004,

More information

Chinese students and the higher education market in Australia and New Zealand.

Chinese students and the higher education market in Australia and New Zealand. Chinese students and the higher education market in Australia and New Zealand. by Ma Xiaoying English Department North China Electric University, Beijing, China and Malcolm Abbott Centre for Research in

More information

BTMU Focus Latin America Mexico: Export performance in 2014

BTMU Focus Latin America Mexico: Export performance in 2014 BTMU Focus Latin America Mexico: Export performance in 2014 MUFG UNION BANK Economic Research (New York) Hongrui Zhang Latin America Economist hozhang@us.mufg.jp +1(212)782-5708 June 15, 2015 Contents

More information

STRATEGIC SCIENCE AND RESEARCH PRIORITIES

STRATEGIC SCIENCE AND RESEARCH PRIORITIES STRATEGIC SCIENCE AND RESEARCH PRIORITIES At the inaugural meeting of the Commonwealth Science Council, members strongly supported the need and value of establishing science and research priorities, at

More information

Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications

Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications Michael Dommermuth 26/06/2014 Sourced: Manulife Asset Management 1 Aging

More information

Trends in International Education

Trends in International Education Trends in International Education 1 Presentation Objectives 1. International landscape the competitive environment for recruitment of international students 2. Key statistics 3. Key trends 4. Observations/Conclusions

More information

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

The UK Tourism Satellite Account (UK- TSA) for 2012. Tourism Direct Gross Value Added (GVA) was 57.3 billion in 2012.

The UK Tourism Satellite Account (UK- TSA) for 2012. Tourism Direct Gross Value Added (GVA) was 57.3 billion in 2012. Statistical Bulletin The UK Tourism Satellite Account (UK- TSA) for 2012 Coverage: UK Date: 26 June 2015 Geographical Area: UK Theme: People and Places Theme: Economy Main Figures Tourism Direct Gross

More information

EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014

EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 An overall look into fashion conversion performance across different countries, sectors and categories. OVERVIEW The fashion conversion benchmark

More information

Global Expatriates: Size, Segmentation and Forecast for the Worldwide Market

Global Expatriates: Size, Segmentation and Forecast for the Worldwide Market Global Expatriates: Size, Segmentation and Forecast for the Worldwide Market Report Prospectus January 2014 Finaccord Ltd., 2014 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents

More information

What is driving Australians' travel choices?

What is driving Australians' travel choices? What is driving Australians' travel choices? What is driving Australians' travel choices? ISBN 978-1-921812-45-3 Tourism Research Australia Department of Resources, Energy and Tourism GPO Box 1564 Canberra

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Comparative tables. CPSS Red Book statistical update 427

Comparative tables. CPSS Red Book statistical update 427 CPSS Red Book statistical update 427 January 2013 Table 1 Basic statistical data GDP (USD billions) 1 Population (millions, yearly average) Australia 952 1,050 999 1,246 1,500 21.1 21.4 21.8 22.1 22.4

More information

Prospects for an FTA between Australia and Korea

Prospects for an FTA between Australia and Korea Prospects for an FTA between Australia and Korea by Charles Harvie Economics Discipline School of Economics and Information Systems Faculty of Commerce University of Wollongong Wollongong NSW Australia

More information

Market Briefing: S&P 500 Revenues & the Economy

Market Briefing: S&P 500 Revenues & the Economy Market Briefing: S&P Revenues & the Economy December 14, 2 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.

More information

CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS. Bryan Taylor

CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS. Bryan Taylor CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS Introduction Bryan Taylor The recent devaluations in Asia have drawn attention to the risk investors face

More information

Australia s outbound tourism statistics

Australia s outbound tourism statistics What is outbound tourism? Scope of outbound tourism: Short-term visitor departures who travel overseas for less than 12 months Statistics relate to the number of movements of travellers rather than the

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

ING International Trade Study Developments in global trade: from 1995 to 2017. United Kingdom

ING International Trade Study Developments in global trade: from 1995 to 2017. United Kingdom ING International Trade Study Developments in global trade: from 1995 to 2017 United Kingdom Executive summary The United Kingdom is expected to grow on average 1% in the coming years. This is relatively

More information

RECENT TRADE DEVELOPMENTS AND SELECTED TRENDS IN TRADE

RECENT TRADE DEVELOPMENTS AND SELECTED TRENDS IN TRADE I A RECENT TRADE DEVELOPMENTS AND SELECTED TRENDS IN TRADE RECENT TRENDS IN INTERNATIONAL TRADE 1. INTRODUCTION: THESTATEOFTHEWORLDECONOMYANDTRADE IN 2006 The year 2006 witnessed robust growth in the world

More information

Trinidad and Tobago. Table 1: GDP Value Added by Industry (Million Dollars, Constant Prices) & % Share in Total Value Added

Trinidad and Tobago. Table 1: GDP Value Added by Industry (Million Dollars, Constant Prices) & % Share in Total Value Added TRINIDAD AND TOBAGO 600 Fig. 1: Employment by Major Economic Activity ('000s), 2000-2008 Agriculture, Hunting, Forestry and Fishing Community, Social & Personal 500 400 300 200 100 100,000 90,000 80,000

More information

ING International Trade Study Developments in global trade: from 1995 to 2017. Singapore

ING International Trade Study Developments in global trade: from 1995 to 2017. Singapore ING International Trade Study Developments in global trade: from 1995 to 2017 Singapore Executive summary Singapore is expected to grow on average 3.7% in the coming years. This is relatively low compared

More information

Comparison Analysis of the Australian Dollar with BFI Production, Commodity Exports and Mining Industry

Comparison Analysis of the Australian Dollar with BFI Production, Commodity Exports and Mining Industry Comparison Analysis of the Australian Dollar with BFI Production, Commodity Exports and Mining Industry Hee Joong Kim (James) hvk5120@gmail.com September 10, 2015 ABSTRACT Australia is the largest iron

More information

Information Communication and Technology (ICT) Market Insights

Information Communication and Technology (ICT) Market Insights Information Communication and Technology (ICT) Market Insights A Manpower Market Insights Paper April 2009 Australia The Australia economy is facing its biggest challenge in the current economic environment

More information

Annex 5A Trends in international carbon dioxide emissions

Annex 5A Trends in international carbon dioxide emissions Annex 5A Trends in international carbon dioxide emissions 5A.1 A global effort will be needed to reduce greenhouse gas emissions and to arrest climate change. The Intergovernmental Panel on Climate Change

More information

Governance, Risk and Compliance Assessment

Governance, Risk and Compliance Assessment Governance, Risk and Compliance Assessment Information security is a pervasive business requirement and one that no organisation can afford to get wrong. If it s not handled properly, your business could

More information

WORLD BANK CHINA RESEARCH PAPER NO. 8

WORLD BANK CHINA RESEARCH PAPER NO. 8 WORLD BANK CHINA RESEARCH PAPER NO. 8 RAW MATERIAL PRICES, WAGES, AND PROFITABILITY IN CHINA S INDUSTRY HOW WAS PROFITABILITY MAINTAINED WHEN INPUT PRICES AND WAGES INCREASED SO FAST? Song-Yi Kim * / and

More information

The impact of the falling yen on U.S. import prices

The impact of the falling yen on U.S. import prices APRIL 2014 VOLUME 3 / NUMBER 7 GLOBAL ECONOMY The impact of the falling yen on U.S. import prices By David Mead and Sharon Royales In the fall of 2012, Japan set forth economic policies aimed at turning

More information

Recent Developments in the Canadian Economy: Fall 2015

Recent Developments in the Canadian Economy: Fall 2015 Catalogue no. 11-626-X No. 053 ISSN 1927-503X ISBN 978-0-660-03734-9 Economic Insights Recent Developments in the Canadian Economy: Fall 2015 by Guy Gellatly Release date: November 12, 2015 How to obtain

More information

Russia. How does Travel & Tourism compare to other sectors? GDP. Size. Share. Russia GDP Impact by Industry. Russia GDP Impact by Industry

Russia. How does Travel & Tourism compare to other sectors? GDP. Size. Share. Russia GDP Impact by Industry. Russia GDP Impact by Industry Russia Izmaylovo Kremlin in Moscow Agriculture Automotive Manufacturing Banking Chemicals Manufacturing Communications Education Financial Services Mining Other Service Exports Retail (without wholesale)

More information