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Should Australia be concerned about is reliance on primary exports
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To help Australia’s balance of payments with trade, we need to be more concerned about the
amount of imports we take in, and the products we export, so in the future, Australia does not
become overwhelmed with the negative impacts this may have on our country in the future
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Industries that handle primary products are agriculture, fishing, mining and forestry
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The tertiary
industry provides service to its consumers (such as schools, transport and restaurants), while the
quaternary section is based on knowledge applicable to business activity (which usually involves the
provision of services)
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Australia has a strong reliance on its primary exports
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Minerals and oil also contribute to a large quantity of exports from Australia
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Therefore
they should not rely too strongly on theses
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Instead we must broaden our range to secondary, tertiary and quaternary
exports
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As Australia
relies on Primary exports this means we import a lot of manufactured goods that we depend on
other countries which takes a lot of money
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The share of Australian exports selling to China recently hit a record of 36%
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As
we have a smaller labour market compared to other countries we are not making enough money
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About two thirds of Australia’s agricultural products
are exported are meat and fish
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Although our exports are in high demand
there is no balance of payments as we are importing more goods than what we are exporting
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Australia’s heavy reliance on primary exports will cause problems in the future when the natural
resources such as coal and oil it is based upon run out
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Australia should quickly make more trading partners who would benefit Australia’s balance of
payments
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For
Australia to have a favourable balance of trade we need our exports to be greater than our imports
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Doing this will open up Australia’s trade possibilities and will provide a stable base for the
exporting of goods from Australia in the future
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