Analysis and Studies - Country Analysis
Australia: a look at the market
November 18th 2022
Located in Oceania, between the Indian Ocean and the South Pacific Ocean, Australia is one of the largest countries in the world.
About 60.000 years ago, aboriginals arrived in the country supposedly traveling from Asia and they settled in this land living in its harsh conditions. Fast forward to 1606, Europeans wanted to know what was under the Asian continent and finally found out "The Land Down Under". Dutch navigators were the first to explore Australia and map its coasts, followed by the British that started to settle there and to establish their colonies in 1788. Not long after that, old and new inhabitants started to fight over the land ownership. Then, in the 1850s, the gold rush also brought new immigrants in the country.
It was only in 1901 that the colonies obtained control over their governments and became part of the Commonwealth of Australia.
Today, Australia is considered an internationally advanced country, with an ethnically diverse population and a leading market economy.
The economy of Australia
Thanks to the economic reforms adopted in the 1980s and the proximity of the country to East and Southeast Asia, Australia has had a flourishing economy in the past years. It is an open market with minimal restrictions on imports of products and services, which make it adaptable and dynamic. The country is also an important exporter of natural resources, thanks to the diverse ecosystem and its vast reserves.
The GDP of Australia in 2020 was 1328 trillion thousand dollars, making it the 13th largest economy in the world.
The economy of the country ranked 22nd globally in terms of total exports, exporting especially iron ore ($79.6B), coal briquettes ($36.4B), petroleum gas ($26.8B), gold ($17.7B) and frozen bovine meat ($4B) mostly to China ($102B), Japan ($31.8B), South Korea ($17.2B), United States ($11.6B) and India ($11.3B).
Furthermore, ranking 24th in total imports, the top imports of Australia are cars ($13.7B), refined petroleum ($10.8B), gold ($6.49B), broadcasting equipment ($6.38B) and computers ($5.76B) coming mostly from China ($57.2B), United States ($24.2B), Japan ($12.2B), Thailand ($10.4B) and Germany ($9.67B).
Learn more about the economy of Australia here.
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