Patterns and Composition of Trade
Economics (Year 12) - Pattern of Trade
Australian Exports by Country Over Time Between 1988 - 2020 | Datamentary
In this video, Datamentary provides an overview of the top export destinations and value overtime between 1988 to 2020.
Australia's Top Exports
Every year the Department of Foreign Affairs and Trade (DFAT) releases a report labelled the 'Composition of Australia's Trade' that includes sectors of trade growth and decline. The top 25 exports are provided in the image above. We can conclude from the above image Australia's export sector is still based around primary industries with mineral commodities and agricultural exports making up the bulk of the top 10 exports.
Australia's Top 25 Imports
The top 25 imports are provided in the image above. We can conclude from the above image Australia's import sector is primarily based on travel, petroleum and cars. Imports of vehicles have seen the highest growth at 13.4% over 5 years, while crude petroleum has fallen by 8.1% over 5 years, likely due to the changes in the composition of vehicles.
Australia's Top 15 Trading Partners
Image Source: Department of Foreign Affairs and Trade (DFAT), Composition of Australia's Trade 2018-19
It is evident that China still remains a significant trading partner by far at 26.4% of total imports and exports. This has continually grown by 9.5% over the 5 years. The impact of this can be seen in the recent trade/political tensions between Australia and China, with tariffs applied on Australian goods proving to be costly to Australian producers. With the exception of the United States, United Kingdom and Germany, the remainder of Australia's trading partners are in the Asia Pacific region, which would be expected due to the close geographic proximity with Australia.