Changes in trade patterns for Australia - Coggle Diagram
Changes in trade patterns for Australia
Australia's composition of trade publication
When the Department of Trade and Industry published the inaugural Composition of Trade in 1964, trade accounted for 28.7% of Australia's GDP, with two-way goods and services trade valued at $6.1 billion1.
Commerce now accounts for 42.3 percent of GDP, with two-way trade reaching $669.2 billion. 2
The composition of trade publication has improved considerably since its 1st
Overall export trends
In the fifty years from 1963-64 to 2013-14, Australia’s exports 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).
The postwar commodities boom and a lowering in trade barriers following four postwar General Agreement on Tariffs and Trade3 negotiating rounds drove export growth in the 1960s.
In terms of value, export growth averaged 7.6% per year.
High global inflation brought on by the 1973 oil crisis resulted in export growth in the 1970s (averaging 16.6 per cent per annum)
Australia cut tariffs in 1973-74 resulting in an upward shift of volumes
Between 1983-84 and 1989-90 imports grew an average of 12.9 per cent per annum in value terms (7.5 per cent in volume terms).
The direction of merchandised exports
Australia's main merchandise export destination in 1963-64 was the United Kingdom. However, at the time, the United Kingdom was strengthening commercial links with its European neighbours (having joined the European Free Trade Association in 1960), while Australia was strengthening ties with Asia.
Over the past fifty years, the dominant source of Australia’s merchandise imports8 has transitioned from Europe and North America to Asia.
The United Kingdom was the main merchandise import source in 1963-64 and remained so until 1966-67 when overtaken by the United
Since 2005-06 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.
The composition of exports.
Mineral and fuel export values have expanded at a pace of 16.3% per year on average over the last 10 years, more than double the rate of overall exports.
Minerals and fuels have been the most successful exports in the last decade. per cent ten years ago, minerals and fuels now makes up 50.1 From 23.7 per cent of our total exports, more than rural exports did in the 1960s
The commodities Australia exports have also changed significantly. In 1963-64 and through to the early 1980s,
The shift toward mineral and fuel exports began in the 1970s and was driven by Iron ore and Coal