‘International trade creates links between countries through the export and import of goods and services. Australia has a complex pattern of trade links that has changed over time as our export base has broadened and diversified.
Australia’s major items of trade
Australia’s trade involves the exporting and importing of both goods and services. Traditionally, primary products, including agricultural goods (such as wheat, wool and beef) and minerals (such as iron ore, gold and aluminium), have accounted for a significant proportion of Australia’s exports. Exports of these commodities remain an important component of Australia’s trade.
Australia’s exports of manufactured goods have been slower to develop. As a nation we tended to rely on primary industry exports to finance the purchase of manufactured goods from oversees. This trend in Australia’s trade is now starting to change. Manufactured products, especially sophisticated elaborated transformed manufactures, or ETMs (such as scientific instruments, electronic equipment and motor vehicles), now account for a growing share of Australia’s exports. Australia’s service exports, including tourism and education, have also experienced rapid growth over the past decade. These exports now account for more than 20per/cent of the total annual value of goods and services produced in Australia (that is, GDP), up from 17per/cent in 1991-92.
