Imports/Exports in Australia
Australia's external trade is characterized by a structural trade deficit. The increase in exports has not compensated for the high imports which are stimulated by a strong Australian dollar. In terms of continuous growth, and despite healthy exports, the deterioration of the current account balance and of the structural deficit are still the Australian economy's weak points.
The country is becoming more and more dependent on Asian economies and the price of raw materials. Australian foreign trade is not well developed, a fact which reflects the country's relatively weak globalization integration. Australia must improve its infrastructures in order to redress the bottlenecks that have been restricting exports for a long time, so as to allow it to better integrate in global trade. The country's main trade partners are Southeast Asia, the United States and the European Union.
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||139,253||165,336||200,273||165,471||201,643|
|Exports of Goods (million USD)||123,437||141,358||187,257||154,331||212,423|
|Imports of Services (million USD)||31,600||39,197||47,613||40,700||49,842|
|Exports of Services (million USD)||32,438||39,786||44,513||40,911||47,715|
|Imports of Goods and Services (Annual % Change)||7.2||9.2||12.9||-||-|
|Exports of Goods and Services (Annual % Change)||2.2||3.8||4.1||-||-|
|Imports of Goods and Services (in % of GDP)||21.1||20.9||21.6||-||-|
|Exports of Goods and Services (in % of GDP)||19.6||19.8||19.8||-||-|
|Trade Balance (million USD)||-9,596||-17,784||-4,915||-||-|
|Trade Balance (Including Service) (million USD)||-8,727||-17,196||-8,013||-||-|
|Foreign Trade (in % of GDP)||40.7||40.7||41.4||-||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|United Arab Emirates||0.9%|
|Papua New Guinea||0.9%|
|Other partnersClose extended list||35.8%|
(% of Imports)
|Papua New Guinea||1.4%|
|United Arab Emirates||1.1%|
|Other partnersClose extended list||51.2%|
Exchange Rate System
- Exchange Rate Regime
- Consequently, there is free convertibility of currency, a right to transfer profits and capital, subject to declaration of any transaction over 5 000 AUD or the equivalent in foreign currency to the Australian Transactions Reports and Analysis Centre ( AUSTRAC). Finally, there is an official exchange rate applicable on the day of transfer.
- Level of Currency Instability
- Exchange control was suspended in 1983. The Australian currency is stable and strong, especially against the US dollar since 2006.
|Australian Dollar (AUD) - Average Annual Exchange Rate For 1 USD||1.31||1.33||1.20||1.19||1.28|
Source: World Bank
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