BEA 105 International Economics Assessment Report on Australian Trade

BEA 105 International Economics Australian Trade Assignment Report with Questio & Answer

 

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Assignment Details:

  • Referencing Styles : Harvard
  • Course Code: BEA 105
  • Course Title: International Economics
  • Words: 1200
  • University: University of Tasmania
  • Country: AU

 

Topic: Australia is very open to international trade, which represented 46% of its GDP in 2019.It had the 4th freest economy in the world in 2020, placing its trade freedom as one of the highest worldwide. It exports and imports goods and services from and to other countries. Each of the Australia state engages in international trade. DFAT report document Australia’s trade by state and territory. Each group must choose one Australian state. Using the DFAT rep or, each group must document a short report overview on the composition of trade of the state in which the group chose.

The report should answer the following key questions.

  1. Which products are the state’s major export products? Which products are the state’s major import products? Compare with the previous years.(The text discussion for this part of the assignment should be brief and descriptive. It serves as an introduction to the rest of the report.)
  2. To what extent do various theories of trade appear to explain the state’s commodity (product) pattern of trade (or to explain various aspects of this pattern)? In your answer here, you might examine the commodity pattern of exports, the commodity pattern of imports, the commodity pattern of net exports (exports minus imports) in absolute amounts, and/or the commodity pattern of net exports of each product as a percentage of total trade (exports plus imports) of this product by the state.
  3. For the most recent year, document the five countries that are the largest buyers of your state’s exports. For the most recent year, document the five countries that are the largest sources of your state’s imports. Briefly discuss the probable reasons for this pattern of major trading-partner countries. (Your discussion may need to incorporate reasons that go beyond what we have discussed in class.)
  4. Do what extend do you think COVID-19 pandemic has interfered with international trade particularly for the Australian economy.