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AUSTRALIA’S TRADE & FINANCIAL FLOW
Globally, Australia is very small, <1% of global output.
Ranked 14th in the world (about middle of the world’s leading advanced nations)
TRADE
International trade has historically been a large part in the Australian economy despite its geographical isolation. ... Needed trade to get new technology and items not produced in Australia due to economies of scale.
Trade amounts to ˝ our economic output. ...
Direction of Trade
1950s – UK & Europe
1960s & 70s – Japan
1980s & 90s – North East Asian countries, ASEAN, South Korea, China and NZ
Key Factors
# UK joined EU in the 1960s
# 60s Japanese need Australian minerals to feed its explosive growth
# 80s move to rest of Asia where growth rates expanded rapidly and Japan slowed down by the 90s
Australia doesn’t sell a high proportion of outputs to other advanced countries but it buys a substantial amount from them (US, Germany).
Approximate Word count = 561
Approximate Pages = 2.2
(250 words per page double spaced)
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