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Amar answered on
Aug 05 2020
Running Header: Economics, Culture, Politics & Legal Analysis
Report 1
Economics, Culture, Politics & Legal Analysis Report 11
Economics, Culture, Politics & Legal Analysis Report
Economics, Culture, Politics & Legal Analysis Report
Part 1 – Growth & Trade
The below Table 1 presents the detailed comparative figures for the years 2016 and 2017 for the countries of Australia, China, India, Japan, United Kingdom and United States of annual rate of real GGP growth, per capital average GDP, and, cu
ent account balance on an average level. As it can be noted China and India have higher levels of growth rate. China, a recently developed nation and India, a developing nation tend to have such higher growth rates. In a relative level, other nations (all developed ones including Australia) have relatively lower growth rates.
Table 1 – GDP & Cu
ent Account Balance
Economic growth comparison between countries
Real GDP Growth (%)
Average GDP per capita
Average Cu
ent Account Balance
(US Dollar)
(US Dollar)
2016
2017
2016
2017
2016
2017
Australia
2.83
1.96
49,896.68
53,799.94
-37,02,60,41,605.46
-32,65,34,02,812.60
China
6.7
6.9
8,117.27
8,826.99
2,02,20,34,23,877.64
1,64,88,66,47,435.18
India
7.11
6.62
1,717.47
1,939.61
-12,11,37,13,479.95
-39,07,25,71,847.69
Japan
0.94
1.71
38,972.34
38,428.10
1,93,99,59,74,827.82
1,95,80,07,17,651.47
UK
1.94
1.79
40,412.03
39,720.44
-1,54,87,28,06,026.86
-1,06,50,48,00,783.75
USA
1.49
2.27
57,588.54
59,531.66
-4,51,69,20,00,000.00
-4,66,24,80,00,000.00
Source: World Bank (2018)
The below Table 2 presents the relationship between Australia and major economies of China / EU / India / Japan / UK / US in terms of export / import value, investments and goods wise export / import with values. As it can be noted, China is the biggest trading partner of Australia and EU and US have both made significant investments in Australia. As far as trade goes, coal, ores and gold represent significant exports by Australia.
Table 2 A – Exports & Imports
Country
Exports
AUD Million
Imports
AUD Million
Total
AUD Million
China
100,184
64,524
164,708
EU
17,366
50,034
67,400
India
15,748
5,109
20,856
Japan
44,981
21,098
66,079
UK
6,114
6,876
12,990
US
12,269
31,313
43,582
Source: DFAT (2018a), DFAT (2018b), DFAT (2018c), DFAT (2018d), DFAT (2018e), DFAT (2018f)
Table 2 B – Investments
Country
Investments in Australia
AUD Million
Investments by Australia
AUD Million
China
64,954
77,099
EU
1,087,933
612,121
India
15,494
13,957
Japan
219,236
125,122
UK
481,387
333,117
US
896,850
664,512
Source: DFAT (2018a), DFAT (2018b), DFAT (2018c), DFAT (2018d), DFAT (2018e), DFAT (2018f)
Table 2 C – Exports & Imports Goods Wise
Country
Major Exports
AUD Million
Major Imports
AUD Million
China
Iron Ores & Concentrates – 51,660
Coal – 11,792
Wool & Other Animal Hair – 2,741
Copper Ores & Concentrates – 1,970
Telecom Equipment & Parts – 7,468
Computers – 5,463
Furniture, Mattress & Cushions – 2,758Prams, Toys, Games & Sporting Goods – 2,405
EU
Coal – 3,886
Gold – 2,855
Oil Seeds, Oleaginous fruits – 1,559
Alcoholic Beverages – 615
Passenger Motor Vehicles – 6,656
Medicaments – 4,263
Pharm Products – 2,404
Goods Vehicles – 1,179
India
Coal – 9,181
Vegetables – 1,377
Gold – 689
Copper Ore & Concentrates – 688
Refined Petroleum – 1,554
Medicaments – 335
Pearls & Gems – 274
Railway Vehicles – 199
Japan
Coal – 16,499
Iron Ores & Concentrates – 5,588
Beef – 1,991
Copper Ores & Concentrates – 1,260
Passenger Motor Vehicles – 7,609
Refined Petroleum – 2,810
Gold – 2,271
Good Vehicles – 1,614
UK
Gold – 2,801
Lead – 493
Alcoholic Beverages – 361
Silver &...