Australia's total trade registered U.S. $ 245 B in 2006. Of this total, imports totaled U.S. $ 127 B, while the Exports totaled U.S. $ 118 B. Australia is often seen primarily as a producer of agricultural products, minerals and energy. Its main product export was coal and petroleum coke, which represent approximately 25% of total exports. Other key exports are metal ores, and metals, machinery and gold. By contrast, Australia is a large importer of manufactured goods such as machinery, consumer goods, transport equipment and fuel and lubricants.

The main export markets include Japan, Australia, China, Korea, USA, New Zealand and the ASEAN countries. Japan has been the Australia's largest export market since mid-1960. In its heyday, Japan represent over 60% of exports from Australia. However, following Asian economic crisis of late 1990 and the long period of slow growth in Japan, this rate has declined considerably in recent years, This represents approximately one fifth of Australia's exports in 2006. In terms of imports, U.S., China, Japan, Germany, Singapore and the UK are some of the import market than Australia.

The phenomenon of China

There is a very important phenomenon in trade between Australia and China. In the past five years, China has grown considerably in importance to Australia as a trading partner, representing nearly 12% of Australia's exports goods in 2006 (from 5.5% as recently as 2000). Its growth has also been rapid, growing at a CAGR of 23% between 2000 and 2006. The key to exports China are metal ores and scrap metal, textiles, nonferrous metals and coal and petroleum products.

Be the factory the world, China has also grown rapidly as a source of merchandise imports from Australia, which represents 14% of the total in 2005, almost double the 7.6% in 2000. Number imports from China include machinery, apparel and accessories, footwear, and telecommunication equipment.

Besides being a partner commercial role for Australia, China also is becoming a major investor in Australia. According to the Statistical Office of Australia, the Chinese investment in Australia exceeds U.S. $ 4.8 B, which contribute largely intended to Australia's exports and employment. Similarly, Australia has become an important destination for outward investment from China.

For now, the mining of resources and has received the most investment in China. Major projects in this area include Mount Channar iron ore (U.S. $ 96 M) and Portland Aluminum Smelter (U.S. $ 80 M). The largest Chinese investment in Australia, worth U.S. $ 240 M, is in the mining sector. Currently, Chinese companies are studying in over 15 minerals and energy in Australia worth over U.S. $ 80 B. About half of the projects are in iron ore, and the rest from coal, natural gas and nonferrous metals.

Agriculture is another area of concentration of Chinese investment. Over the years, Chinese companies have made substantial investments in dairy, beef cattle and cotton farming in Australia. However, the services sector that has attracted the largest number of enterprises in China. A number of Chinese companies businesses engaged in import and export, air and oceans as well as financial services, playing an important role in increasing the flow of goods and services between China and Australia.

With China's rapidly growing economy, expected to average around 8% in the next 5 years a huge potential market in the country is increasingly realized. In addition, Australia is conducting talks with China, with a view to negotiating bilateral free trade agreements. If it materializes, would bring economic and trade relations between China and Australia to greater heights.

About the Author:

Shu Wei Wong works as a planner/strategist. She writes just about anything that interest her or writes on issues highly related to her field of work, especially on strategy and leadership. Find more of her thoughts at http://360strategyleadership.blogspot.com/

Article Source: ArticlesBase.com – Australia – China Bilateral Trade Phenomenon

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