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TODO notes on 4.1 & 4.2 🔼 📅 2024-02-01
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there have always been overseas markets for Australia’s primary commodities
- minerals
- agricultural products
The changing direction of trade:
- China has become Australia’s dominant trading partner in the past decade
- Australia’s key export markets in the previous decades have declined (Japan, UK, Europe)
- Australia’s trade decline with the UK:
- Before Joining the EU, the UK was a major trading parter with Australia
- when joining, the UK was required to also join the European trading bloc
- requiring them to impose the same trade barriers on Australia as they had with other countries
- → Australia lost many export markets for agricultural products in the UK
The changing composition of Australia’s trade:
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Australian exports:
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Primary industries as main focus
- has a comparative advantage in commodities due to its vast natural resources
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agricultural and mineral exports account for more than two-thirds of Australia’s export earnings.
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Australia has been less competitive in manufacturing.
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Australia’s significant changes in the composition of its export base
