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.

Source: articlesbase