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
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Ease of trading across borders
Importing a standard container of goods into Australia requires:
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)
| 2011 | 2012 | 2013-16 | |
|---|---|---|---|
| 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
| Rank | 2012 |
|---|---|
| 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
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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