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
6. Machinery including computers
7. Inorganic chemicals
8. Optical, technical, medical apparatus
10. Electrical machinery, equipment
Nowadays more and more business are considering the opportunity of expanding to other parts of the world. Exporting your products to new countries means new market opportunities and faster growth for your business.
The Avocado Export Company is an example of a success story. Formed in 2009, AEC is an alliance of 5 avocado producers with the sole purpose of selling their avocadoes to the world. After just 4 years, the company has grown its business to export $6.2 million worth of avocadoes in 2012/13 to a growing global market. The target markets include Singapore, Hong Kong, Malaysia, the UAE and Thailand. In 2009 the company was recognised with a Premier of Queensland Export Award.
This story is inspirational to other businesses seeking to establish strong international trade partnerships. If executed properly, many businesses have successfully increased their business by 60%—or more—within the space of just 3-4 years. As you see, the potential is high.
Cranberry exports grow at record rate as its health benefits are being recognized the world over.
It is one of three fruits native to North America commercially grown in the United States. Wisconsin produces more than half of the world’s cranberry supply, followed by Massachusetts.
Many cranberries are water-harvested. It means that the cranberries are grown in bogs and floated in water to allow for easy harvesting.
The leading cranberry importers are the Netherlands and Canada, followed by the United Kingdom and Australia.