Australia - Export Britain

Export Britain

Australia

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Capital
Canberra

Largest city
Sydney

Administrative divisions
6 states and 2 major mainland territories

Currency
Australian dollar (AUD)

Area
7,692,024 km2

Population
23,442,761 (2012) 

Calling code
+61

Official language
English

Latest Business Opportunities

See more opportunities for Australia.

Ease of trading across borders

Importing a standard container of goods into Australia requires:

5documents
7days
£366

Introduction

Australia is a country comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands. The economy of Australia is one of the largest capitalist economies in the world. It is the world's sixth-largest country by total area. The Australian economy 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. Australia is a member of the APEC, G20, OECD and WTO. The country has also entered into free trade agreements with ASEAN, Chile, New Zealand, and the US.

Economic snapshot (% annual growth rate)

201120122013-16
GDP 3.9 4.4 3.9
Export of goods and services 19.7 10.1 5.1
Import of goods and services 18.7 16.6 9.5
Inflation 0.9 0.7 9.6
Short-term interest rates (%) - - -
Exchange rate (per £) - - -
Population 2.3 2.2 2
Unit labour cost - - -
Source: Oxford Economics

Economic outlook

The UAE’s economic growth may slow to 3.4% this year from 3.9% in 2012. The budget surplus will stay little changed at 5.7% of GDP. About 80% of the nation’s revenues are generated by hydrocarbon-related industries. The risks of the region being affected by the external situations fell substantially, thanks to the robust growth of the non-oil economic sectors and the successful efforts of Dubai and Abu Dhabi to diversify the base of economic growth. 

Trade outlook

The UAE’s exports will continue to be dominated by petroleum and related products, with exports forecasts to grow strongly to rapidly growing emerging markets that are heavy energy consumers such as India and China. Turkey and Poland will continue to post good growth. In addition to the main Asian economies, UAE exports will also rise strongly to those economies with large populations and with an associated heavy demand for energy, including Brazil and Egypt, when its economy starts to recover. On the import side, India and Turkey will be the two fastest-growing sources of imports however other emerging Asian economies will begin to increase their importance; such as Vietnam and Bangladesh.


SWOT analysis

Strengths
Hydro-carbon rich country
Dubai International Financial Centre
Weaknesses
Dependence on oil
Inflation pressures
Opportunities
Enterprise free zones - goods for re-export or transhipment enjoy a 100% duty exemption
Threats
Oil price changes
High govt debt

Australia's trade with the UK

Sector segmentation growth

Sectors to watch:
  • Extraction
  • utilities

Manufacturing

  • electrical equipment,
  • general purpose machinery.

Fastest-growing exporters into Australia

Rank2012
1 India
2 Turkey
3 China
4 Hong Kong
5 Vietnam
6 Bangladesh
7 Egypt
8 USA
9 Canada
10 Poland

Total merchandise trade - Leading import partners

Total merchandise trade - leading import partners
Opportunities for UK businesses

The UAE offers unique investment opportunities, with a wide range of financial incentives to international investors. Each of the seven emirates possesses unique economic features, and the ability to attract foreign investments in various sectors. Particular sectors of opportunity for UK businesses include: renewable energy, pharmaceutical, education and industry knowledge, technology, financial services, electronics and engineering.

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