Exports of Australia

Australian economy is one of the largest mixed market economies in the world, with a GDP of AUD$1.62 trillion as of 2015.

Australia is the 19th-largest importer and exporter in the world. The economy of Australia is dominated by its service sector, comprising 68% of GDP.
Economic growth is largely dependent on the mining sector and agricultural sector with the products to be exported mainly to the East Asian market.


Top 10 exports of Australia are:

1. Ores, slag, ash
2. Mineral fuels including oil
3. Gems, precious metals
4. Meat
5. Cereals
6. Machinery including computers
7. Inorganic chemicals
8. Optical, technical, medical apparatus
9. Aluminum
10. Electrical machinery, equipment

Davos 2017 Results

2017 World Economic Forum Annual Meeting took place in Davos, Switzerland last week. It had more than 3,000 participants from nearly 100 countries, including over 50 heads of state or government who participated in some 400 sessions.

The meeting has planned to focus on four key leadership challenges for this year: strengthening global collaboration, revitalizing economic growth, reforming capitalism and preparing for the Fourth Industrial Revolution.

Let’s see what the Davos meeting has achieved. 10 main results of Davos 2017:

1. Environment
There was a new public-private tropical forest fund launched. It will raise $400 million by 2020 to help small-scale farmers in forest areas protect five million hectares of land by reducing deforestation and peatland burning, whilst also improving their crop productivity.

2. China to green its economy
Chinese Ministry of Environment Protection signed an agreement with the World Economic Forum for a major five year collaboration on advancing China’s environmental policies, including bringing together leading companies, innovators and investors to help China accelerate a circular economy, promote the sharing economy, take further action on climate and oceans; and to harness new fourth industrial revolution technologies for the environment.

3. Tackling plastics pollution
Over 40 industry leaders including some of world’s largest consumer goods, retailers and recycling firms, and governments endorsed a detailed action plan to increase global reuse and recycling rates for plastic packaging from its current 14% to 70%.

4. Jobs
Signatories to the Forum’s New Vision for Arab Employment project said they have now helped re-skill 250,000 people since 2013, and are now targeting 1 million current and future workers.

5. Digital security
The World Economic Forum will join with the Boston Consulting Group (BCG), Kaspersky Lab and other partners to develop a playbook for governments to strengthen their capabilities in preparing for, responding to and recovering from cyber-attacks.

6. Health
Officially launched at Davos 2017, a new innovative public-private alliance – CEPI – will start on working to outsmart epidemics by creating vaccines that can be released quickly once an outbreak occurs.

7. Impact of automation
39 top technology companies, agreed to launch a consortium for the skilling of workers displaced by automation. The consortium will provide resources and capital and, through the World Economic Forum platform, focus initially on the financial services and manufacturing sectors.

8. Inclusive growth
A new Inclusive Growth Report was launched which will present a new global index to provide a richer and more nuanced assessment of countries’ level of economic development than the conventional one based on GDP per capita alone.

9. Responsible business leadership
The Compact for Responsive and Responsible Leadership – a roadmap for business leaders to pursue sustainable long term growth and opportunity, reached a tipping point at Davos with the first 100 compacts signed by leading companies.

10. World leaders ideas
Xi Jinping became the first ever Chinese president to participate in the Annual Meeting. In a major speech at the opening of the meeting, he said that globalization should not be blamed for the world’s problems and called on the international community to press ahead with implementing the Paris Agreement on climate change.
Henry A. Kissinger told participants in the closing session that Xi Jinping’s speech at the opening session was “of fundamental significance”.

Top 10 Most Visited Countries

The United Nations World Tourism Organization compiles special tourism rankings released three times throughout the year. Countries are ranked by the number of international visitor arrivals, by the revenue generated by inbound tourism, and by the expenditures of outbound travelers.


Here are the top 10 most visited countries in the world 2016:

1. France
2. United States
3. Spain
4. China
5. Italy
6. Turkey
7. Germany
8. United Kingdom
9. Mexico
10. Russia

Possible EU-Japan FTA to boost exports more than TTIP

A free trade agreement with Tokyo could boost European GDP more than the controversial Transatlantic Trade and Investment Partnership, Czech MEPs say after coming back from  Japan.

The EU-Japan FTA is expected to boost European economy by around 0.8 % of GDP and some analysts compare the importance of the deal with that of TTIP where the number is 0,5 % according to preliminary expectations.


“If we look at the impact on GDP growth, FTA with Japan could actually be more important than TTIP,” ANO 2011 MEP Petr Ježek (ALDE), chairman of the European Parliament’s delegation to Japan stressed, after a recent trip to the country.

Japan is the EU’s second biggest trading partner in Asia, after China. European exports to the country are dominated by machinery, transport equipment, chemical products and agricultural goods. Machinery, transport and chemicals are also the main items of imports from Japan to the EU.

With the deal, EU exports could increase by 32.7 %, while Japanese exports to the EU would increase by 23.5 %, according to the European Commission estimates.

The EU and Japan have been negotiating for over 3 years now, and there have been 16 rounds of negotiations – the last one took place in April in Tokyo.

The next round of talks is scheduled for September in Brussels.

At the last G7 summit held in Japan’s Ise-Shima at the end of May, political leaders from Japan, the EU, France, Germany, Italy and the UK reaffirmed a commitment to reach political agreement on the deal as early as possible this year.

On Thursday (16 June), Japanese and European businesses supported this commitment when they met in Tokyo for a sector-to-sector meeting.

“At a time of global economic uncertainty, this agreement provides a unique opportunity to create real growth for two of the world’s largest economies,” representatives of Keidanren and the EU employers’ confederation BusinessEurope said in a statement.

But several difficult issues still remain to be cleared up.

While Japan wants European duties in the automotive sector and agriculture waved, the EU is trying to link this to the elimination of Japanese non-tariff barriers (NTBs), especially in the automotive and railway sectors. Tokyo has already made a number of concessions on the first list of NTBs presented in December, however, the EU wants to see more on the second list before moving on its own tariffs.

The European automobile industry is particularly concerned, and appealed to the European Commission to be careful about possible impacts of the deal. More Japanese cars are sold in Europe than European cars sold in Japan.

“On the other hand, the Commission has been consulting its approach to this issue with the industry representatives. Therefore no dramatic problems should be expected,” MEP Ježek told EurActiv.cz.

Above all, only 32 % of Japanese cars sold in Europe are imported. Two-thirds of them are produced right in the EU.

Source: https://www.euractiv.com/section/trade-society/news/eu-japan-fta-would-boost-growth-more-than-ttip/