Australia’s Global Links - Nicholas Gorman Trade Australia’s investment in trade with other countries is one of many global links that connect them with the rest of the world. International trade is the exchange of goods and services between nations. It concerns the purchase of foreign goods as imports and the selling of Australian goods as exports. Trade enables people to buy products, cheaper, of a higher quality, products unable to be produced in Australia and enables companies to produce their goods and services cheaper. As of 2014, Australia’s top five two-way trading partners were, China, Japan, The United States, Republic of Korea and Singapore. These trading partners allow for Australia to widen our reach with our neighbouring countries …show more content…
The Department of Foreign Affairs and Trade and the Minister for Foreign affairs play important roles in the organisation and management of imports and export for Australia. The Department of Foreign affairs and Trade (DFAT) provides advice to the prime minister and higher levels of Parliament on foreign, trade and development policies to ensure that Australia’s interest in its global connection is coordinated effectively. The infographics presented on the DFAT website demonstrate who works for the department and what they do. The department span over 100 different posts all over the world to help maintain and coordinate trade with our …show more content…
With the population growing, demand for more products is increasing and trade can play a part in feeding the desire for a wider range of products. One advantage of trade for Australia is the Economic growth that occurs with exports and imports. Australia is one of the largest exporters of livestock in the world. Source 3 explores how possessing a trade link with other countries, the economy will rise and Australia will be in a better position financially. It demonstrates that in 2005 Australian markets were generating around $175 Billion in export earnings from all different areas of trade. As Australia’s trade links grew so did the earnings, spiking to around $300 billion in 2011. Having a stable income from trade improves Australia’s international competitive position, whilst supporting the country’s needs. Another advantage of trade for Australia is access to a wider variety of goods for Australian consumers. With the nation importing many different goods from overseas trading markets, consumers can purchase a bigger variety of goods and services that are not only of better quality and cheaper, but wouldn’t otherwise been available to purchase from Australia. For example, in 2014 Australia could increase the amount of plastic articles due to a stronger link and trade deal, whereas in 2013 Australia wasn’t importing it as a major item. However, with a major global link like trade, there are many