the top import and export commodities of Australia.
Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. It is the largest country by area in Oceania and the world’s sixth largest country. Australia’s population of nearly 26 million, in an area of 7,617,930 square kilometers is highly urbanised and heavily concentrated on the eastern seaboard. Canberra is the nation’s capital, while the largest city is Sydney, and other major metropolitan areas include Melbourne, Brisbane, Perth, and Adelaide.
Indigenous Australians inhabited the continent beginning about 65,000 years ago, prior to the first arrival of Dutch explorers in the early 17th century, who named it New Holland. In 1770, Australia’s eastern half was claimed by Great Britain and initially settled through penal transportation to the colony of New South Wales from 26 January 1788, a date which became Australia’s national day. The population grew steadily in subsequent decades, and by the time of an 1850s gold rush, most of the continent had been explored by European settlers and an additional five self-governing crown colonies were established. On 1 January 1901, the six colonies federated, forming the Commonwealth of Australia. Australia has since maintained a stable liberal democratic political system that functions as a federal parliamentary constitutional monarchy, comprising six states and ten territories.
Australia is the oldest, flattest, and driest inhabited continent with the least fertile soils. It is a megadiverse country, and its size gives it a wide variety of landscapes and climates, with deserts in the center, tropical rainforests in the north east, and mountain ranges in the south east.
Australia generates its income from various sources, including mining related exports, telecommunications, banking, manufacturing, and international education.
Australia is a highly developed country, with the world’s twelfth largest economy. It has a high income economy, with the world’s tenth highest per capita income. Australia is a regional power and has the world’s thirteenth highest military expenditure. Immigrants account for 30 percent of the country’s population, the highest proportion among major Western nations. Having the eighth highest Human Development Index, and the ninth-highest ranked democracy globally as of 2020, Australia ranks highly in quality of life, health, education, economic freedom, civil liberties, and political rights, with all its major cities faring exceptionally in global comparative livability surveys. It is a member of international groupings including the United Nations, the G20, the Commonwealth of Nations, ANZUS, AUKUS, Five Eyes, the Quad, the OECD, the WTO, APEC, the Pacific Islands Forum, and the Pacific Community.
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According to the Economic Complexity Index, Australia exported 234 billion dollars in commodities, making it the 20th largest export economy in the world. Being a continent of largely desert, Australia relies heavily on its coastal economy as a source of income to sustain its populations.
Australia is also considered the 22nd largest importer in the world by the ECI, with its yearly imports totaling at 199 billion dollars. However, this number is the result of a steady decrease in imports over the past five years. In terms of wealth per adult, Australia is the second wealthiest nation, just after Switzerland.
What Does Australia Export
Australia’s main export is iron ore, followed by their other most valuables exports coal, gold, and petroleum. These exports alone rake in 48.2 billion dollars, 47 billion dollars, 29.1 billion dollars, and 20.3 billion dollars, respectively. Of course, the country also ships other noteworthy items including food, wine, and cars.
Here’s a List of Australia’s Top Exports and Value as of 2020:
Iron ore and other ores account for 38.8 billion dollars valued at 23.5 percent of the total exports.
Gold and other precious metals account for 16.1 billion dollars which stands at 6.3 percent of the total exports.
Mineral fuels including oil account for 87.7 billion dollars which represent 34.6 percent of the total exports
Bovine meat account for 10.2 billion dollars valued at 4 percent of the total exports
Inorganic chemicals account for 8.2 billion dollars which represent 3.2 percent of the total exports.
Wheat and cereals account for 4.9 billion dollars valued at 1.9 percent of the total exports.
Machinery including computers accounts for 4.8 billion dollars valued at 1.9 percent of the total exports.
Aluminum accounts for 3.8 billion dollars which is 1.5 percent of the total exports.
Electrical machinery and equipment account for 3.2 billion dollars which is 1.3 percent of the total exports.
Optical, technical, and medical apparatuses account for 3.2 billion dollars which is 1.3 percent of the total exports.
This list of exports accounts for about three quarters or 79.5 percent of the overall value of their global shipments.
Where Does Australia Export to:
Being that the continent of Australia is located in the South Pacific, its main trading partners are within the Asian global market. Its major destinations for export include:
China, accounting for 35 percent of its export destinations and about 85 billion dollars in yearly revenue
Japan, accounting for 14 percent of its export destinations and about 34.6 billion dollars in yearly revenue
South Korea, accounting for 7.4 percent of its export destinations and about 18 billion dollars in yearly revenue
India, accounting for 6.1 percent of its export destinations and about 14.8 billion dollars in yearly revenue
Hong Kong, accounting for 5.8 percent of its export destinations and about 14.2 billion dollars in yearly revenue
Australia also exports its commodities to the United States making up just 3.5 of its export destinations) and the United Kingdom (making up only 1.5% percent of its export destinations. Other lesser export destinations include Indonesia, Singapore, New Zealand, Vietnam, Thailand, Malaysia, the Philippines, Germany, Turkey, and Brazil.
What Does Australia Import:
Australia imported about 227.3 billion dollars in commodities from around the world in 2018. The country’s imports represent only 1.3 percent of the overall global imports which were estimated to be about 17.788 trillion dollars. Petroleum and crude oils, as well as cars, seem to be Australia’s main imports.
Here’s a list of Australia’s Top Imports and Values:
Processed Petroleum Oils account for 18.9 billion dollars, Cars accounts for 16.9 billion dollars, Crude oil accounts for 10.2 billion dollars,
Phone system devices including smartphones account for 8.5 billion dollars, Delivery trucks account for 7.5 billion dollars, Computers and optical readers accounts for 7.2 billion dollars, Pharmaceuticals accounts for 5.3 billion dollars, Gold accounts for 4.6 billion dollars, Electro medical equipment like X ray machines, etc. account for 2.4 billion dollars, Blood fractions including antisera accounts for 2.3 billion dollars.
Australia’s top imports alone end up being worth about 187.5 billion dollars and equate to 82.5 percent of their overall total of imported commodities.
Other notable imports on the rise in Australia include furniture, bedding, lighting, signs, prefab buildings, plastic and plastic articles.
Where Does Australia Import From:
The major players that export to the land down under include Asian countries, European countries, and North America. The country’s major origin destinations for imports include:
China, accounting for 24 percent of its total import origins and about 47 billion dollars in costs. South Korea, accounting for 9.3 percent of its total import origins and about 18.7 billion dollars in costs. Japan, accounting for 8.2 percent of its total import origins and about 16.3 billion dollars in costs
Thailand, accounting for 5.3 percent of its total import origins and 10.6 billion dollars in costs. The United States, accounting for 10 percent of its total import origins and 20.5 billion dollars in costs. Australia also imports from Germany, Malaysia, Singapore, and New Zealand, accounting for 4.6 percent, 4 percent, 3.2 percent, and 2.8 percent, respectively, of its total import origins. The country’s lesser import trading partners include Italy, France, Spain, the United Kingdom, Indonesia, South Africa, and other countries within Asia and Europe.
Australia is notable for its uninterrupted annual economic growth, which is steadily increasing at about 3 percent each year. Its robust economy is largely due to its deep trade ties with the Asian region as well as its top export of iron ore, which accounts for more than 30 percent of the world’s iron ore supply.
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