Analysis and Studies - Country Analysis

Australia: a look at the market

 

Australia is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. Australia is also the largest country by area in Oceania and the world’s 6th largest country. Australia is the oldest, flattest, and driest inhabited continent, with the least fertile soils.

About economy, Australia’s high-income mixed-market economy is rich natural resources. It is the world’s 14th largest by nominal terms, and the 18th largest by PPP. As of 2021, It has the second-highest amount of wealth per adult, after Luxembourg and has the thirteenth highest financial assets per capita.

Moreover, Australia has a labour force of some 13.5 million, with an unemployment rate of 3.5% as of June 2022. According to the Australian Council of Social Service, the poverty rate of Australia exceeds 13.6 % of the population, ecncompassing 3.2 million.

Australia has high levels of competitiveness and economic freedom, and was ranked 5th in the Human Development Index in 2021. As of 2022, It is ranked twelfth in the Index of Economic Freedom and nineteenth in the Global Competitiveness Report.

 

ECONOMY

In October 2023 Australia exported AUD42.1B and imported AUD35.1B, resulting in a positive trade balance of AUD6.99B. Between October 2022 and October 2023 the exports of Australia have decreased by AUD-6.85B (-14%) from AUD48.9B to AUD42.1B, while imports increased by AUD638M (1.85%) from AUD34.5B to AUD35.1B.

TRADE

In October 2023, the top exports of Australia were Metalliferous ores and metal scrap (AUD46.9B), Crude fertilizers and crude minerals (AUD39.5B), Coal,coke and briquettes (AUD22.5B), Meat and meat preparations (AUD16B), and Non-ferrous metals (AUD12.9B). In October 2023 the top imports of Australia were Electric machinery,n.e.s.and parts (AUD47.1B), General industrial machinery n.e.s. (AUD39.2B), Telecommunications and sound recording equipm (AUD30.4B), Machinery for specialized industries (AUD29.6B), and Road vehicles (AUD25.9B).

ORIGINS

In October 2023 the exports of Australia were mainly from Western Australia (AUD22.1B), Queensland (AUD9.31B), New South Wales (AUD6.48B), Victoria (AUD2.93B), and South Australia (AUD1.46B), while imports destinations were mainly New South Wales (AUS13.9B), Victoria (AUS10.7B), Queensland (AUS6.5B), Western Australia (AUS5.08B), and South Australia (AUS1.42B).

 

 

DESTINATIONS

In October 2023, Australia exported mostly to chn (AUD17.2B), jpn (AUD6.73B), kor (AUD3.09B), ind (AUD2.2B), and usa (AUD1.69B), and imported mostly from China (AUD10.1B), United States (AUD4.24B), South Korea (AUD3.03B), Japan (AUD2.69B), and Thailand (AUD1.95B).