About Export Import In Australia

Most of the trade including export import in Australia is mainly governed by its free market economy. Thus, the rise and fall in the prices of goods and services directly depend upon their demand and supply. In Australia, government plays a minimal role in regulating the trade market. In spite of the dominant role played by the service sector that contributed about 70% to its GDP in the year 2005 and around 72% in 2007, the contribution made by its export import business cannot be over looked.

Market share for trade in Australia stands at 1% of the overall world trade during the period 2006-2007, with the two-way trade for Australia in goods and services reaching $443.6 billion. $589 million worth of trade surplus was recorded in December, 2008 making it fifth successive trade surplus month. $6.2 billion trade surplus was reported during the first 6 months of the fiscal year 2008-2009.

In spite of the current worldwide recession, the trade performance of Australia has been quite well that is appreciated by many economic experts as well as by the trade minister of Australia, Simon Crean, who expressed his appreciation in February 2009. He also pointed out the forecast made by the International Monetary Fund (IMF) in regard to the economic position of Australia in 2009 that predicted its economy to contract mainly because of its six major trading partners out of top ten were also facing the problems because of recession.

The major products that Australia exports include grain, wheat, wool, meat, liquefied natural gas (LNG), iron, coal, copper, bauxite, silver, gold, tin, uranium, lead, tungsten, mineral sands, opals and diamonds. Some of the major countries to which Australia exports include Japan, China, South Korea, United States of America, Canada and United Kingdom. Australia's flourishing exports can be credited to the free trade agreements it has with some countries including United States of America, Thailand, Singapore, Malaysia, Japan, China and Mexico.

The major products that Australia imports from other countries include crude oil, petroleum products, plants and machinery, and transport equipment. The major countries Australia imports from include Germany, United States of America, Singapore, China and Japan. Before commencing import in Australia you need to take certain points into consideration such as registration for right to import is required, proper permit from DTRS (Department of Transport and Regional Services) is also needed; clearance from the Customs for all imports is necessary. You should also be aware of certain strict laws that are in place in Australia that restricts or prohibits import of some items like weapons, drugs without prescription, wild as well as domestic animals and any possible source that can spread epidemic.

Some of the major ports that play an important role in trade and growth of export import in Australia include Cairns Harbor, Pot of Yamba, Port of Makay and Port of Eden.

Australia is blessed with abundance of natural resources that plays a critical role in its export performance, which totally depends on the agricultural products and mining that account for 65% of its total exports.

Source: articlesbase